Standards & Guidance
Former Gribbles chief charged with dishonesty
Wallace Cameron, former chief executive of
The Gribbles
Group, has been charged with dishonestly gaining advantage for himself by
concealing the fact he owned nearly half the shares in the Australian pathology
company.
The
Australian Securities & Investments Commission (ASIC) alleges that Cameron
failed to disclose to the company’s board, shareholders, bankers and the
Australian Stock Exchange that during his time at Gribbles he held an interest
that varied between 43.05% and 46.5% of the shares, valued at approximately
A$122.5m by the end of 2004.
During 2004 Gribbles issued tracing notices in an
attempt to identify the ultimate ownership of a 43.05% parcel of the company’s
shares held by a Belgium-incorporated company. These shares were ultimately
traced to three trusts, the discretionary beneficiaries of which were Cameron’s
children.
Cameron is also accused of giving false or misleading
answers to the ASIC while being questioned under oath, and obstructing the
regulator by claiming he could not remember certain facts.
Links
The Gribbles
Group
Australian Securities &
Investments Commission
January, 2007 |
