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20-037MR Former CEO of NewSat Limited pleads guilty
On 14 February 2020, Mr Adrian Maxwell Ballintine, pleaded guilty in the County Court of Victoria to one ‘rolled up’ charge of authorising the making of a false or misleading document required by or for the purposes of the Corporations Act.
An ASIC investigation found that between 18 January 2012 and 15 September 2012, Mr Ballintine, a director and former chief executive officer of NewSat Limited (NewSat), authorised the making of three invoices that were false or misleading contrary to section 1308(2) of the Corporations Act.
The matter has been adjourned for sentencing on a date yet to be set in the County Court of Victoria.
The charge carries a maximum penalty of five years’ imprisonment.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
NewSat was a satellite communications provider that was listed on the Australian Securities Exchange until 31 August 2015.
On 17 April 2015, receiver managers were appointed to NewSat. On 7 August 2015 the company entered into liquidation.
Mr Jason Dermot Cullen, an accountant engaged to provide services to NewSat has also been charged with two counts under section 1308(2) of the Corporations Act.