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22-032MR Directors of Capital Mining Limited charged with 22 dishonesty offences
On 25 February 2022, Peter James Dykes and Peter Alan Torney, former directors of previously ASX-listed Capital Mining Limited, appeared in the Perth Magistrates Court, each charged with dishonestly using their position as directors.
Following an ASIC investigation into Capital Mining’s activities, it is alleged Mr Dykes and Mr Torney, when directors of Capital Mining, contravened directors’ duties by co-authorising payments from Capital Mining to related companies Poipu Bay Pty Ltd, Coolabah Capital Pty Ltd, Tenceecee Pty Ltd and Bellring Pty Ltd which caused a financial detriment to Capital Mining.
Mr Dykes allegedly dishonestly used his position as a director of Capital Mining on thirteen occasions, between October 2015 and April 2016, resulting in himself or others gaining an advantage to the value of $1,641,325.
Mr Torney allegedly dishonestly used his position as a director of Capital Mining on nine occasions, between October 2015 and April 2016, resulting in himself or others gaining an advantage to the value of $1,005,325.
The matter was adjourned until 18 March 2022.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions. ASIC’s investigation is ongoing.
Capital Mining, incorporated in April 2003, was an ASX-listed company based in Perth which was engaged in the exploration for deposits of gold, base metals, platinum, nickel, uranium and other rare metals in Australia and Ireland.
Capital Mining was removed from the official list of ASX Limited effective 7 December 2018.
A director commits an offence under the Corporations Act if they are reckless or dishonest. Mr Dykes was charged with thirteen counts of contravening s184 of the Act while Mr Torney was charged with nine counts of contravening s184 of the Act.
At the time of the alleged offending, the maximum penalty for a breach of s184 of the Act is 2000 penalty units or imprisonment for five years, or both.
The matter was mentioned in Perth Magistrates Court on 18 March 2022 and was adjourned to 15 July 2022. The Court set various bail conditions for Mr Dykes and Mr Torney.