Agribusiness accountant jailed
A former accountant and company secretary for the agribusiness group Bustan Australia Holding and Bustan International has been sentenced to two and half years jail after pleading guilty to criminal charges brought by the Australian Securities and Investments Commission (ASIC).
Claire Horsman, a United Kingdom resident, was sentenced in the County Court of Victoria and will serve a minimum sentence of eight months.
Horsman was responsible for the Bustan Group's financial reporting obligations between 1999 and 2001 and ASIC alleged to the court that Horsman was responsible for falsely representing the company's financial position in monthly reports provided to its banks to ensure the continuation of its financial facility.
The regulator also alleged that Horsman falsely represented the financial position of the Bustan Group to its financiers in the 2000 and 2001 financial statements and provided information to Bustan's auditors which was false or misleading.
The court was told that ASIC's investigations had found that the actions of Horsman had the effect of materially overstating the market value of the current assets to its lenders, HSBC Bank Australia Limited and Rabo Bank Australia Limited.
It was told that this, in turn, resulted in the continuation of a syndicated banking facility in misleading circumstances.
AUTHOR
Mike Taylor
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