Following an ASIC investigation, Mrs Susan Edna Fraser, a former officer of Fraser Hire Pty Ltd (Fraser Hire), has been convicted of dishonestly and recklessly using her position as an officer of Fraser Hire to cause detriment to the company.

Mrs Fraser, of Oak Valley, Townsville, used Fraser Hire to operate a family-owned transport business operating in Far North Queensland.  ASIC's investigation found that Mrs Fraser used her position as an officer of Fraser Hire to authorise the withdrawal and re-direction of funds totalling $209,667.39 belonging to Fraser Hire.

On 10 February 2016, Mrs Fraser pleaded guilty in the Townsville District Court to five counts of contravening section 184(2) of the Corporations Act.

Mrs Fraser was sentenced in the Townsville District Court on 17 May 2016, concurrently to 18 months imprisonment, to be released forthwith, upon entering into a recognisance in the sum of $3,000, conditioned that she be of good behaviour for a period of 18 months.

ASIC Commissioner Greg Tanzer said, 'As demonstrated by this case, company office holders who cause or permit their company to breach legal obligations face significant consequences'.

Mrs Fraser's conduct was referred to ASIC by Messrs Pearce and Heers, the appointed liquidators of Fraser Hire.

Background

Mrs Fraser was initially charged on 16 February 2015 with contravening section 184(2) of the Corporations Act.