Former Westpoint chief financial officer Graeme Rundle has received a suspended 18-month jail sentence after being found guilty of making false or misleading statements with intent to obtain a financial advantage.
Mr Rundle was found guilty on two counts of the charge, which related to statements made to a financial institution in relation to obtaining a $71 million construction finance facility to complete a project at York Street, Sydney.
He was sentenced to 18 month imprisonment on each count, to be served concurrently, with the sentence to be suspended upon him entering into an eighteen-month good behaviour bond.
ASIC Chairman Greg Medcraft said chief financial officers, as an officer of a corporation, must take their responsibilities seriously, and discharge their legal duties to the company and to comply with the law carefully.
“Chief financial officers must ensure that any representations made by them to financiers, on behalf of companies, are accurate,’ Mr Medcraft said.
Mr Medcraft said the case highlighted ASIC’s willingness to address corporate misconduct.
“To date ASIC has pursued a wide range of actions and remedies concerning Westpoint against gatekeepers such as financial advisers, auditors, trustees and directors,” Mr Medcraft said.
