Max men found not guilty

JEFFREY Verheggen and Michael Langoulant, former directors of Max Resources, have been found not guilty of misusing their positions as directors.

The charges were brought by the Australian Securities and Investments Commission.

After a three-day trial District Court judge Roger Macknay directed the jury to find the pair not guilty.

ASIC alleged that Mr Verheggen and Mr Langoulant misused their positions as officers of Robregal Investments Limited, a New Zealand-registered company, by improperly transferring 600,000 shares owned by Robregal in Australian listed company Intrepid Mining Corporation NL.

Robregal was a wholly-owned subsidiary of Max Resources Limited, a New Zealand listed company that was the subject of an inquiry by the New Zealand Securities Commission.