Archived News for Executives and Senior Management - July, 2011
Sonray Capital Markets chief executive of finance is facing jail time for his role in stealing funds and making false and misleading account entries valued in the millions of dollars.
Scott Kenneth Murray pleaded guilty to 10 charges relating to deception in the Victorian Supreme Court after the broking company collapsed last year, leaving the group owing $47 million in outstanding debt to clients.
The charges relate to offences committed between May 2007 and June last year while Mr Murray was chief executive. Mr Murray has formally pleaded guilty to six counts of false accounting, two charges relating to theft and one of obtaining financial advantage by deception and one of misleading an auditor.
Incoming Commonwealth Bank of Australia (CBA) chief executive Ian Narev has vowed to continue the bank’s aggressive customer-focus overhaul after he takes the reins in December.
Citibank Australia has appointed Samantha Mostyn as the company’s newest non-executive director of Citigroup Pty Limited, the legal representative Citibank trading in Australia.
Former directors of now insolvent Opes Prime Stockbroking Lirim Emini and Anthony Blumberg have pleaded guilty to charges relating to the collapse of the firm in 2008.
Official figures released by ASIC reveal that corporate insolvencies have risen 4.4% in the 2010-11 financial year to date.
ASIC’s Senior Executive Leader of the Insolvency Practitioners team, Adrian Brown, said that despite a decrease in external administration appointments in May compared to the same time last year, the latest figures show the number of court liquidations and director initiated creditors voluntary liquidations have risen.
"Statistics collated by ASIC up to and including May 2011, show court liquidations in Australia rose 8.6% and director initiated creditors voluntary liquidations rose 7.6%. Western Australia is also seeing its fair share of corporate insolvencies, despite suggestions that it’s in the fast lane of a two speed economy," Mr Brown said.
"Interestingly, receivership and voluntary administration appointments, Australia-wide, have fallen," Mr Brown added.
ASIC publishes monthly insolvency statistics detailing the number and type of corporate insolvency appointments. External administrators, (liquidators, receivers and managers and voluntary administrators) are obliged by law to advise ASIC of their appointments.
National Australia Bank (NAB) has confirmed the poaching of Michael Saadie ANZ’s head of corporate banking Australia, placing him in the role of general manager for NAB Corporate.
The Australian Securities and Investments Commission (ASIC) has highlighted a number of focus areas for directors in 30 June 2011 financial reports after releasing the results of its reviews of financial reports for the year ended 31 December 2010.
Rio Tinto has appointed John Varley, the former chief executive of Barclays, as a non-executive director to its board of directors in the UK and Australia, commencing on September 1.