Tuesday 19 December 2006 LAWFUEL -Law News, Australia Legal News -…

Tuesday 19 December 2006 LAWFUEL -Law News, Australia Legal News – Mr Joseph William Wells, of Mt Eliza in Victoria, today pleaded guilty in the Melbourne Magistrates Court to two charges relating to the misuse of company funds. The charges follow an investigation by the Australian Securities and Investments Commission (ASIC) and allege that Mr Wells failed in his obligations as a director of Third Vilmar Pty Ltd (in liquidation). It is alleged that between September 2004 and February 2005 Mr Wells, 56, dishonestly used his position as a director, without regard as to whether it may result in detriment to the company, by diverting company funds totalling $536,100 from Third Vilmar, leaving the company unable to pay creditors.

ASIC also allege Mr Wells dishonestly used his position with the intention of directly or indirectly gaining an advantage for himself through the use of $425,000, taken from the $536,100 he initially diverted from Third Vilmar. Mr Wells is required to reappear at the County Court of Victoria for a plea hearing on 18 May 2007. The matter is being prosecuted by the Commonwealth Director of Public Prosecutions. For further information contact: Allen Turton Deputy Executive Director, Enforcement Telephone: 02 9911 2338 Mobile: 0411 549 236 Danielle Huck ASIC Media Unit Telephone: 03 9280 3407 Mobile: 0417 540 769

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