Perth director on market manipulation charge

Ananda Kathiravelu, a director of corporate finance firm Armada Capital, will face trial after being charged with conspiracy to commit an offence of market manipulation.

Perth-based Mr Kathiravelu appeared today before the Stirling Gardens Magistrates Court and was committed to stand trial in the Western Australian Supreme Court from October 21.

The charge follows an Australian Securities and Investments Commission investigation into Mr Kathiravelu’s conduct in relation to trading in the shares of Radar Iron on the ASX on May 17 2016, one day prior to the suspension of RAD shares from the official quotation of the ASX.

ASIC alleges that between 12 May 2016 and 17 May 2016, Mr Kathiravelu conspired with another to take part in, or carry out, either directly or indirectly, transactions that had, or would likely have, the effect of creating or maintaining an artificial price for trading in RAD shares.

The charge carries a maximum penalty of ten years imprisonment and a fine of up to $810,000.

Mr Kathiravelu has been a director of several companies, including Weebit-Nano, Scout Security, Promesa, Radar Iron, Thred and Race Oncology.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.