Sole director of Equitable Financial Solutions Pty Ltd, Usman Siddiqui, of Brighton-Le-Sands, NSW has appeared in the Downing Centre Local Court charged with breaches of director duties.

Mr Siddiqui has been charged with four counts of dishonestly using his position as a director of Equitable Financial Solutions to gain an advantage by allegedly causing $1.75 million of company funds to be diverted away from Equitable Financial Solutions for his own benefit.

Mr Siddiqui was arrested by NSW Police on 2 November 2023 after ASIC charged him with offences for contravening section 184(2)(a) of the Corporations Act 2001 and sought a warrant for his arrest.

Mr Siddiqui was granted bail on the date of his arrest with conditions imposed preventing him from leaving Australia.

The charges have been listed for a further mention before the Downing Centre Local Court on 20 February 2024.

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

Background

ASIC alleges that Equitable Financial Solutions and other companies controlled by Mr Siddiqui purported to provide Sharia-compliant investment and lending products to members of the Australian Muslim community.

The maximum penalty for an offence against section 184(2) of the Corporations Act is 15 years’ imprisonment.

On 8 November 2022, the Federal Court made travel restraint orders against Mr Siddiqui (22-317MR).

Editor's Note 1:

Following a hearing at the Downing Centre Local Court on 20 February 2024, the matter has been adjourned to 19 March 2024 for further brief status mention.

Editor's Note 2:

Following the mention at the Downing Centre Local Court on 19 March 2024, the matter has been adjourned for charge certification to 14 May 2024.

Editor's Note 3:

The matter was adjourned for charge certification until 28 May 2024. Bail is to continue.

Editor's Note 4:

The charge certification mention was heard by Magistrate Horan on 28 May 2024, where the Court confirmed the charge certification and adjourned the matter for committal mention until 23 July 2024. Bail is to continue.

Editor's Note 5:

The committal mention was adjourned until 17 September 2024. Bail is to continue.

Editor's Note 6: 

The committal mention was adjourned until 15 October 2024. Bail is to continue.

Editor's Note 7: 

The committal mention was adjourned until 5 November 2024. Bail is to continue.

Editor's Note 8:

At the committal mention on 5 November 2024 the matter was committed for trial and adjourned for arraignment mention to 6 December 2024. Bail is to continue.

Editor's Note 9:

On 6 December 2024 Mr Siddiqui entered not guilty pleas to 4 counts of breaching directors duties.

Accordingly, Mr Siddiqui was committed to stand trial and the Court made the following orders with respect to timetabling of the trial:

• Trial be listed for 15 September 2025 with an estimated trial length of 4-6 weeks.

• The readiness hearing be set down for 1 August 2025 and with a call over hearing set down for 11 September 2025.

Bail is to continue.