A Sydney magistrate has questioned how the director of an ASX-listed company retained his position despite prosecutions for matters including drug offences, disqualified driving, assault, resisting police and rape.
Glen Darby fronted the Downing Centre Local Court on a high-level drink driving charge — not his first — and his lawyers argued the Condor Blanco Mines director deserved lenience because he had an attention disorder and was director of a “publicly listed company”.
However, magistrate Clare Farnan expressed surprise the exploration company’s founder continued as director.
“He has been before a court a number of times for matters that are certainly not trivial,” Ms Farnan told the court.
Mr Darby had been before the courts for “several” drink driving matters, assault occasioning bodily harm, resisting a police officer “in execution of his duty” and was currently appealing a conviction for rape, among other things.
“Quite frankly I am surprised he can be a director of a publicly listed company,” Ms Farnan said. “Are there no restrictions?”
According to the Australian Securities & Investments Commission there are not, at least for the matters involving Mr Darby.
There are no “character” or “fit and proper” tests for company directors and disqualification can only result from breaches of the Corporations Act.
Since Mr Darby founded Condor Blanco in 2010, it has spent more than $22 million of investor funds. Latest financial reports showed the company had only $30,000 equity.
Condor Blanco undertook mineral explorations in South America and Turkey but those have now ceased. In the case of Turkey, the company claims the tenements were dangerously close to Syria.
Mr Darby stood aside as chief executive last May after a jury convicted him of raping a woman who worked in his building.
He was granted bail in that case because of the “exceptional circumstances” given there was high likelihood the finding would be overturned on appeal. That judgment is expected in weeks.
The ASX suspended Condor Blanco Mines from trading on Friday afternoon afterThe Australian raised concerns over questionable dealings by the company, including the circumstances of recent share issues. On Monday investors accounting for more than 5 per cent of its shares announced plans to “remove and replace” the Condo Blanco board under section 203D of the Corporation’s Act.
Ms Farnan yesterday held over her sentencing decision until June 24.
CDB Price at posting:
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