Three former Irexchange Limited (IRX) executives today appeared in the Downing Centre Local Court charged with breaches of the Corporations Act (the Act) following an ASIC investigation.

Former Chief Executive Officer Brett Charlton and former Chief Financial Officer Brett Coventry were charged with one count of providing false or misleading information to ASIC contrary to section 1308(2) of the Act.

Former IRX Company Secretary and Legal Advisor Anand Sundaraj was charged with two counts of providing false or misleading information to shareholders and the Australian Securities Exchange respectively contrary to section 1308(2) of the Act, one count of making a false or misleading statement to ASIC contrary to section 1309(1) of the Act, and one count of aiding and abetting the offences charged against Mr Charlton and Mr Coventry.

The charges relate to conduct that allegedly occurred between 20 July 2018 and 14 February 2019, concerning an agreement regarding the shares of the founders of IRX and information about the nature of IRX’s business in the prospectus lodged with ASIC.

Each offence carries a maximum penalty of five years’ imprisonment or 200 penalty units ($42,000) or both.

Mr Sundaraj, Mr Charlton and Mr Coventry are next due to appear before the Local Court of New South Wales on 29 April 2025.

The matter is being prosecuted by the Office of the Director of Public Prosecutions (Cth) following a referral from ASIC.

Background

On 10 May 2016, IRX was incorporated as an unlisted public company under the name of Netget Limited. On 27 November 2018, the name was changed to IRX.

IRX developed a technology platform that aimed to connect independent retailers and suppliers to manage inventory via a low-cost flow-through fulfilment model. The technology was designed to facilitate trade in the fast-moving consumer goods sector by reducing costs and delivering cheaper goods.

On 22 October 2019, IRX went into external administration.