ASIC files charges against five former MFS execs

ASIC files charges against five former MFS execs

Corporate regulator ASIC has filed charges against five former executives of bankrupt former investment management company MFS Limited, alleging they misappropriated funds and falsified accounts.

The accused – former CEO and director Michael Christodoulou King, former deputy CEO Craig Robert White, and three other executives – now face civil proceedings in the Supreme Court of Queensland.

They are alleged to have diverted around $147.5 million of company funds to pay the debts of its subsidiaries, and then falsifying paperwork to disguise the transactions.

ASIC said it was seeking a declaration of contraventions, penalties, compensation and disqualifications from managing companies.

MFS was once a publicly listed company, but has since changed its name to Octaviar and gone into liquidation.

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