Does anyone know what's happened to Kim Wongs trial?
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Former MD of Wintech Group Committed to Stand Trial
Mr Kim Wong, former managing director of Wintech Group Limited, has been committed to stand trial on 129 criminal charges, including stealing almost $1.5 million, following an ASIC investigation. Mr Wong, of East Kew, Victoria, has been charged with:
- 86 counts of contravening section 1307(1) of the Corporations Act 2001 (the Corporations Act) (each carrying a maximum penalty of $11,000 or imprisonment for two years or both) - 2 counts of contravening section 1308(2) of the Corporations Act (each carrying a maximum penalty of $22,000 or imprisonment for five years or both) - 8 counts of contravening section 1309(1) of the Corporations Act (each carrying a maximum penalty of $22,000 or imprisonment for five years or both) - 1 count of contravening section 184(2) of the Corporations Act (carrying a maximum penalty of $220,000 or imprisonment for five years or both) - 31 counts of contravening section 74 of the Crimes Act 1958 (Vic) (Crimes Act) (each carrying a maximum penalty of imprisonment for 10 years), and - 1 count of contravening section 83A(2) of the Crimes Act (carrying a maximum penalty of imprisonment for 10 years).
Wintech is a public company listed on the ASX. Between 3 October 2005 and 17 April 2009, Wintech’s securities were suspended from trading. Between 8 July 2008 and 15 April 2009, Wintech engaged in fundraising activity through the issue of three successive prospectuses. On 17 April 2009, and following the fundraising activity, the ASX reinstated Wintech’s securities to official quotation. On 30 July 2009, the ASX imposed a trading halt in relation to Wintech’s securities following the appointment of a receiver and manager to Magnafield Technology Distribution Pty Ltd, a wholly owned subsidiary of Wintech. Wintech’s securities remain suspended from trading.
ASIC alleges that between 13 August 2008 and 11 August 2009, Mr Wong:
- stole a total of $1,477,000 that belonged to Wintech, as trustee for applicants for shares offered under a Wintech prospectus - dishonestly used his position as a director of Wintech with the intention of directly or indirectly gaining an advantage for himself or someone else - authorised, permitted the making available, or gave false or misleading information to Australian Stock Exchange Limited (ASX) regarding Wintech’s affairs and, in particular, its fundraising activities - made or authorised the making of a statement to ASIC that was false or misleading in a material particular in relation to Wintech’s fundraising activities - gave a false Wintech bank account statement to the ASX - caused false entries to be made in a spreadsheet of shareholders which was subsequently given to Registries Limited, Wintech’s shareholder registry service provider, and - caused false share transfer forms to be created that resulted in the transfer of Wintech shares between shareholders.
WTG Price at posting:
0.0¢ Sentiment: None Disclosure: Held
