A case brought by the Australian Securities and Investments Commission against former Rossmoyne resident Mark James Pallister has been dropped by the Commonwealth Director of Public Prosecutions, the Commission announced today.
Mr Pallister had been charged with three counts of intent to defraud in relation to a complaint received concerning Rototek Pty Ltd, with which he was associated, and its joint venture arrangement and partnership with Citybright Pty Ltd, trading as 'Concept Boats'.
ASIC alleged he falsified invoices and other documents, as well as making false statements, to obtain around $900,000, which he used for purposes other than those disclosed to his business partners.
The full text of a company announcement is pasted below
The Australian Securities and Investments Commission notes the decision of the Commonwealth Director of Public Prosecutions to discontinue the prosecution of Mr Mark James Pallister.
Mr Pallister was committed for trial in the Western Australian Magistrate's Court on 17 February 2006 on charges arising from an ASIC investigation.
Mr Pallister was charged with three charges of intent to defraud in relation to a complaint received concerning Rototek Pty Ltd, a company associated with Mr Pallister, which had entered into a joint venture arrangement and partnership with Citybright Pty Ltd, trading as 'Concept Boats'.
This brings to an end ASIC's investigation.