FORMER Chameleon Mining NL directors, Landan Roberts and Gregory Barnes, have been charged with providing false and misleading information in relation to the company’s initial public offering. The Australian Securities and Investments Commission alleges that Mr Roberts of Sydney and Mr Barnes of Perth made false or misleading representations concerning $3 million purportedly raised by CHM during its IPO in 2003. As part of its IPO, CHM represented that it had issued 15 million shares to Zenith Development Company Ltd and A.C.N 103850406 Pty Ltd in consideration for $3 million. ASIC alleges that CHM did not receive payment for the shares issued to Zenith and ACN, and that Messrs Roberts and Barnes continuously represented to the ASX and CHM’s auditors that CHM had the $3 million as cash or that it lent the $3 million back to Zenith and ACN.
