Former ABC Learning CFO charged
The former chief financial officer of ABC Learning Centres Limited (ABC), James Black, appeared in the Brisbane Magistrates Court today charged with three counts of authorising false or misleading information.
The charges relate to information made available to an auditor from Pitcher Partners who was conducting the half-year audit review of ABC accounts for the period ending 31 December 2006.
ASIC alleges Mr Black gave – or authorised the giving of – three engagement letters between three ABC-related companies and ABC Acquisitions Pty Ltd (Acquisitions). The letters related to the purchase of three overseas companies by ABC in December 2006.
Specifically, each letter contained false or misleading information about the terms of commission payments that Acquisitions was to receive.
Each charge carries a maximum penalty of five years in jail and/or a fine of $22,000.
Mr Black was not required to enter a plea. The matter will return to court on 21 June 2013.