ASIC brings charges against Westpoint CFO
Former Westpoint chief financial controller Graeme Rundle will stand trial on charges of making a false statement to obtain a financial advantage, brought by the Australian Securities and Investments Commission (ASIC).
Rundle appeared in Sydney’s Central Local Court yesterday and was committed to stand trial in relation to two charges of making a false statement with intent to obtain a financial advantage, which ASIC stated was a contravention of section 178BB of the NSW Crimes Act.
Rundle faces up to five years’ imprisonment on each charge.
ASIC alleged that in May 2004, Rundle made false statements to a financial institution in support of an application for a $71 million credit facility to fund a Westpoint building project known as the Scots Church Development on York Street in Sydney. At the time, Rundle was the chief financial controller of the Westpoint Group of companies as well as director and secretary of Scots Church Development and secretary of York Street Mezzanine, both entities within the Westpoint Group of companies.
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