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.