ASIC has secured interim travel restraint orders against Stephen Vincent McGovern, Managing Director and CEO of Dubber Corporation Limited, and Mark Madafferi, solicitor and principal of North Melbourne law firm, Christopher William Legal.
The orders which prevent Mr McGovern and Mr Madafferi from leaving or attempting to leave Australia until 13 September 2024 or until further orders, were made by the Federal Court after an application by ASIC. The orders were made on an ex-parte basis following a hearing on 18 March 2024.
ASIC commenced an investigation on 1 March 2024, after Dubber Corporation alerted ASIC and the ASX that Mr McGovern was suspended as Managing Director and CEO of Dubber Corporation and the basis for that suspension.
ASIC has concerns that Mr McGovern and Mr Madafferi may have breached the Corporations Act in respect of the suspected misuse of term deposit funds of Dubber Corporation or one of its subsidiaries, purportedly held on trust by Mr Madafferi. ASIC understands that $26.6 million is still unaccounted for.
As the hearing was held in their absence, Mr McGovern and Mr Madafferi have not yet had the opportunity to respond to ASIC’s application.
ASIC understands that Mr McGovern is a British national with permanent residence in Australia. Mr Madafferi is a citizen of Australia.
The matter is next due before court on 27 March 2024.
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Editor's note:
Mr McGovern and Mr Madafferi did not oppose ASIC’s travel restraint application. Orders (by consent) were made by the Court on 26 March 2024. Travel restraints for Mr McGovern and Mr Madafferi remain in place until 13 September 2024. The hearing scheduled for 27 March 2024 was vacated.