Photo: Wikifx
Mr. Ananda Kathiravelu, the chief financial officer of the company in Perth, Western Australia, was convicted of conspiracy to manipulate the market by the Supreme Court of Western Australia. Mr. Kathiravelu was sentenced to 12 months’ imprisonment and was immediately released, but he was required to pay a security deposit of A$10,000 to ensure good performance within seven months.
Mr. Kathiravelu was convicted of conspiring with others to directly or indirectly participate in or conduct a transaction between May 12, 2016, and May 17, 2016. The transaction has or may have a transaction on the Australian Securities Exchange (ASX). The role of Radar Iron Limited (Radar) stock to create or maintain artificial prices.
These transactions occurred on the day before the official quotation of Radar's shares on the Australian Securities Exchange, during which time Radar made a capital increase. Mr. Kathiravelu is a director of Radar and corporate finance company Armada Capital Pty Ltd. Armada Capital Pty Ltd is the lead manager of the fundraising. If Armada Capital Pty Ltd successfully raises more than US$5 million, it will receive a 5% fee.
The court found that Mr. Kathiravelu's illegal activities were very serious. He tried to increase the attractiveness of fund-raising by artificially increasing the price of Radar's stock before the suspension.
ASIC Commissioner Cathie Armour said that market manipulation has weakened the public's confidence in the fair, orderly and transparent operation of the market.
ASIC will take action against misconduct that undermines the fairness and integrity of our financial markets.
Due to his conviction, Mr. Kathiravelu was automatically disqualified from managing the company until Feb 8, 2026.
Background information
On Sep 18, 2019, Mr. Kathiravelu was convicted on suspicion of conspiracy to commit market manipulation and tried in the Supreme Court of Western Australia
On Aug 27, 2020, Mr. Kathiravelu pleaded guilty to the charges.
Reprinted from Wikifx, the copyright all reserved by the original author.
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