Mr Bill Katsabis, a former director of P.G. & N. Enterprises Pty Ltd (in liquidation) (P.G. & N) has been sentenced to two years and three months imprisonment following an ASIC investigation.

Appearing in the County Court in Melbourne on 9 July 2014, Mr Katsabis was ordered to be released after serving six months on a recognisance release order for a period of 21 months on a recognisance of $1,000.

Mr Katsabis was also ordered to repay a total of $241,218 to the company.

Mr Katsabis was charged with one count of dishonestly using his position as a director and one count of failing to disclose the transfer of company property to the liquidator.

ASIC's investigation found that Mr Katsabis, of Melbourne, Victoria, used his position as director of P.G. & N to authorise the withdrawal of over $500,000 in company funds for purposes unrelated to the business of the company. He also failed to disclose to the liquidator of the company the transfer of the company's motor vehicle to his wife.

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