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Directors jailed

TWO former directors of Acts Net Limited have been sentenced to jail after being found guilty of dishonestly using their positions as company directors to gain personal advantage.

ASIC alleged that Terrence John Hunter and Graeme Geoffrey Milner made improper use of their positions by agreeing to transfer $US182,000 and $US208,000 respectively from the Acts Net bank account – an account established to hold investors’ funds – to the Acts Ministry bank account and Ascension College account.

ASIC also alleged the money was then disbursed to pay personal and operating expenses of the ministry and college.

Mr Hunter was a director and religious minister of Acts Ministry and the chairman of Ascension College’s school board. Mr Milner was bursar of Ascension College and on its board of directors, a minister with Acts Ministry.

AMC under investigation

THE Australian Securities and Investments Commission has commenced an investigation into disclosure by Australian Magnesium Corporation.

Even though the AMC prospectus stated: "there can be no assurance that construction will be completed and the Stanwell plant commissioned on time within the capital cost estimate" and both the Australian Stock Exchange and ASIC secured the disclosure of additional information to the market, ASIC considers it appropriate to fully investigate the adequacy of the initial and subsequent market disclosures.

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