FORMER Gold Coast businessman Lakhmi Daswani, also known as Lux Daswani, has been committed to stand trial in the District Court on charges relating to his failed businesses.
Mr Daswani’s company the Daswani Group owes BankWest about $18 million.
The Daswani Group, which was involved in the retail of jewellery, children’s wear and surf clothing in Brisbane, the Gold Coast, the Sunshine Coast and Victoria, was placed into administration in 2000, owing more than $30 million.
Mr Dawani has been committed for trial in relation to 15 charges under the Corporations Act and 12 charges under the Criminal Code for Queensland.
The Corporations Act charges relate to allegations that he dishonestly misused his position as a company director with the intention of causing a detriment to a company.
The Queensland Criminal Code charges relate to allegations that Mr Daswani dishonestly induced various financiers to loan money to companies in the Daswani Group through the use of false invoices and false contracts of sale.
ASIC alleges that the amount of money involved in these offences totals more than $10 million.
Mr Daswani was extradited from Hawaii in June to face the charges and has been remanded in custody pending a hearing in the Brisbane District Court. The date for that hearing is yet to be fixed.
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