Subscribe / Unsubscribe Enewsletters | Login | Register

Pencil Banner

Court finds former S Central chief, Peter Mavridis, guilty

Julia Talevski (ARN) | Oct. 20, 2015
A jury found Mavridis guilty of obtaining financial advantage by deception and false accounting.

Former chief executive of S Central GroupPeter Mavridis, has been found guilty by the County Court of Victoria after 33 charges were brought upon him by ASIC.

Mavridis was found guilty by a jury of 23 counts of obtaining a financial advantage by deception and 10 counts of false accounting under the Victorian Crimes Act. He was granted bail and ordered to appear for a sentencing hearing in the week commencing November 9.

Between January and September 2009, Mavridis directed the financial controller of the group to submit duplicated and/or falsely inflated invoices to National Australia Bank under a debtor factoring agreement, which led to credit totalling approximately $4.8 million being advanced to companies within the S Central Group. This included S Central, S Central (NSW), S Central Products, Expressapps and Infotronics Software.

According to ASIC, in order to retain ongoing access to bank credit, Mavridis signed end-of month reconciliations that disguised the falsifications and had them submitted to the bank.

In November 2013, S Central's former financial controller, David Cologna, was sentenced to 12 months jail, suspended for two years, for falsifying the company's books.

It was in November 2009 and April 2010, when S Central Group went into liquidation, leaving total deficiencies in excess of $7 million.

The matter was prosecuted by the Commonwealth Director of Public Prosecutions.

Source: ARN Australia

 

Sign up for CIO Asia eNewsletters.