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Wednesday 30 July 2008

08-173 Former Radisson Maine CEO jailed

Mr Robert Bassili, former director of Radisson Maine Property Group (Australia) Pty Ltd (RMPG) and Chief Executive Officer of RAN Holdings International Ltd, has been sentenced today in the Sydney District Court to three years and three months jail.

Mr Bassili, 35, was arrested in London on 20 May 2007 and subsequently extradited to Australia to face charges laid by ASIC.

On 14 May 2008, Mr Bassili pleaded guilty to one count of dishonest conduct under the Corporations Act 2001 following allegations by ASIC that he had received $200,000 from investors and failed to invest the money.

ASIC alleged Mr Bassili advised two investors that one of his companies, Radisson Maine Technologies Pty Ltd, had the opportunity to invest in Green Pacific Energy Limited - a delisted company which was expected to re-list on the Australian Securities Exchange. Mr Bassili was subsequently paid $200,000 by the investors but failed to purchase and transfer the shares as promised.

Mr Bassili also pleaded guilty to two counts of fraudulently omitting to account for a further $105,000 raised from two investors for the purpose of purchasing property in Victoria. ASIC alleged Mr Bassili marketed house and land packages via RMPG and encouraged one investor to enter into a joint venture agreement to develop a property in Sanctuary Lakes. It was understood the property would be purchased by RMPG. The investor subsequently deposited $60,000 into an RMPG account but the property was never purchased. A second investor deposited $45,000 with Mr Bassili towards a house and land package. The property in question was never purchased and funds were not returned.

Mr Bassili was sentenced to three years and three months jail on the Commonwealth charge and to a period of two years and nine months jail on the two State charges.

Mr Bassili has been held in custody since his arrest in London. His sentence has been backdated to the date of his arrest. He will serve a further nine months in prison and is due for release on 19 May 2009.

The matter was prosecuted by the Commonwealth Director of Public Prosecutions.

Background

On 28 November 2004, the NSW Supreme Court ordered that RAN Holdings International and its main subsidiary, Radisson Maine Property Group (Australia) be wound up.

RAN Holdings International and Radisson Maine Property Group were involved in raising money from the public for residential property development in new property sub-divisions in Victoria when the companies were placed in liquidation.

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Last updated: 30/07/2008 12:00