01/07/2011 - 13:56

Carey, Rundle hit with new charges

01/07/2011 - 13:56

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The corporate watchdog has charged former Westpoint directors Norm Carey and Graeme Rundle for breaching the Corporations Act.

Carey, Rundle hit with new charges

Former Westpoint directors Norm Carey and Graeme Rundle are up on criminal charges for breaching the Corporations Act.

The Australian Securities and Investments Commission announced today it had brought two criminal charges in Perth Magistrates Court against Messrs Carey and Rundle, for contravening sections 184(2)(a) and 601FD of the Corporations Act.

Specifically, ASIC alleges in January 2006, Mr Carey and Mr Rundle breached their duties as officers of Westpoint Management Limited and Westpoint Corporation, and these breaches occurred when they executed deeds extending the time for Westpoint Corporation to exercise an option to purchase the Warnbro Fair Shopping Centre and adjoining land.

The breaches also involved transfer of the option to purchase WFSC to Bowesco Pty Ltd; a Carey family trustee company, ASIC said.

The matter will return to court July 15. Mr Carey and Mr Rundle were first charged in Aprli, but court orders suppressed publication while Mr Rundle faced trial in Sydney for separate offences.

A jury found Mr Rundle guilty of two charges of making false or misleading statements to a financial institution last week.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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