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19-255MR Corporate finance director charged with conspiring to manipulate market
Ananda Kathiravelu, of Perth, Western Australia, today appeared before the Stirling Gardens Magistrates Court in Perth and was committed to stand trial in the Western Australian Supreme Court on a charge of conspiracy to commit an offence of market manipulation.
The charge follows an ASIC investigation into Mr Kathiravelu’s conduct in relation to trading in the shares of Radar Iron Limited (ASX code: RAD) on the Australian Securities Exchange (ASX) on 17 May 2016, one day prior to the suspension of RAD shares from the Official Quotation of the ASX.
Mr Kathiravelu is the director of a number of companies, including corporate finance firm Armada Capital Pty Ltd.
ASIC alleges that between 12 May 2016 and 17 May 2016, Mr Kathiravelu conspired with another to take part in, or carry out, either directly or indirectly, transactions that had, or would likely have, the effect of creating or maintaining an artificial price for trading in RAD shares.
The charge carries a maximum penalty of ten years imprisonment and/or a fine of up to 4,500 penalty units ($810,000).
The next court date has been set down for 21 October 2019 in the Western Australian Supreme Court.
The Commonwealth Director of Public Prosecutions (CDPP) is prosecuting the matter.
On October 21, the first appearance in the Supreme Court of Western Australia was relisted to 25 November 2019.
Editor's note 2:
On 25 November 2019 in the Western Australian Supreme Court, Mr Kathiravelu was arraigned on indictment and pleaded not guilty. The matter has been listed for trial on 2 November 2020.
Editor's note 3:
On 27 August 2020, Mr Kathiravelu appeared before the Supreme Court of Western Australia and pleaded guilty to a charge of conspiracy to commit an offence of market manipulation (refer: 20-199MR).