Somes reappointed as Great Western chairman

Perth auditor Kevin Somes has been reappointed as chairman of Subiaco-based Great Western Exploration after he was acquitted of charges brought against him by the corporate watchdog.

Mr Somes stood down as Great Western chairman in June last year after he was charged by the Australian Securities and Investments Commission with allegedly failing to be independent as an auditor and making false and misleading statements.

ASIC alleged that between 2007 and 2010, immediate family members of Mr Somes held significant shareholdings through their superannuation fund in a listed company that he audited and that Mr Somes had failed to disclose this information.

Mr Somes was acquitted in June of all 18 charges brought against him by ASIC in the Perth Magistrates Court.

The court ruled that ASIC had failed to demonstrate that Mr Somes had breached the auditors' independence requirements under the Corporations Act as there was no evidence that Mr Somes held a controlling interest or a material interest in an audited company.

Mr Somes is a founding partner of Somes & Cooke Chartered Accountants, which he founded with colleague John Cooke in 1978.

The firm specialises in tax and accounting services and has audited a number of listed mining companies.

Great Western non-executive director Frank Cannavo has resigned from the board to concentrate on other business activities.

Shares in Great Western were up 3.4 per cent to 15 cents at 12:55PM WST.