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Wednesday 13 October 2021

21-268MR FAL Healthy Beverages director charged by ASIC

Former CEO and director of FAL Healthy Beverages Pty Ltd, Tim Xenos, also known as Efthymios Xenos, of Peakhurst, NSW, has been charged with managing a company while disqualified, dishonestly using his position and concealing property with the intention to defraud creditors in his bankruptcy.

FAL Healthy Beverages sold coconut water beverages under the brand name CoCo Joy.

ASIC alleges that between 4 November 2013 and 15 September 2015, Mr Xenos engaged in the day-to-day management of FAL Healthy Beverages as the company’s CEO and director, despite being disqualified from managing companies due to his bankruptcy. 

ASIC alleges that during his bankruptcy Mr Xenos negotiated for Coco Joy to sponsor the Manly-Warringah Sea Eagles rugby league club and the Melbourne City Football Club.

ASIC further alleges that between 14 March 2014 and 5 November 2015, Mr Xenos dishonestly used his position as FAL Healthy Beverages’ CEO by inappropriately using approximately $170,826.95 in company funds to pay legal fees and other costs to annul his bankruptcy.

Additionally, ASIC further alleges that between 14 February 2014 and 15 August 2015, Mr Xenos concealed salary payments that he received as CEO of FAL Healthy Beverages totalling approximately $341,971.36 and did not declare these payments to his bankruptcy trustee.  

The matter was heard before the Downing Centre Local Court in NSW on 12 October 2021 and adjourned to 7 December 2021 for further mention.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ASIC.


Mr Xenos was declared bankrupt from 9 August 2011 to 15 September 2015.

FAL holds the ACN 166 587 640.

It is alleged that Mr Xenos contravened s206A and s184(2) of the Corporations Act 2001. At the time of the alleged offending s206A had a maximum period of imprisonment of 1 year imprisonment and s184(2) had a maximum period of imprisonment of 5 years.

It is also alleged that Mr Xenos contravened s263(1)(a)(i) of the Bankruptcy Act 1966. At the time of the alleged offending s263(1)(a)(i) had a maximum period of imprisonment of 5 years imprisonment.

Last updated: 14/10/2021 10:35