Tuesday 24 July 2007 LAWFUEL – The Law Newswire – Mr Michael Kosmos Damianos, of Bentleigh East, Victoria, has been charged with obtaining a financial advantage by deception, false accounting and managing a company while disqualified. The charges follow an Australian Securities and Investments Commission (ASIC) investigation. ASIC alleges that Mr Damianos, the former director of Priority Road Express Pty Ltd, used his position to dishonestly make false representations to the Westpac Banking Corporation (Westpac) to secure loans to the value of $259,896. Mr Damianos was disqualified from managing corporations at the time he made the representations to Westpac.
Priority Road Express Pty Ltd, a transport logistics company servicing the Melbourne metropolitan area, was placed into external administration on 4 April 2006. Mr Damianos indicated his intention to plead guilty to the charges and was remanded to appear in the County Court for a plea hearing on 15 November 2007. The Commonwealth Director of Public Prosecutions is prosecuting the matter. For further information contact: Jan Redfern Executive Director, Enforcement Telephone: 02 9911 2191 Mobile: 0411 119 210 Michael van Maanen ASIC Media Unit Telephone: 02 9911 2658 Mobile: 0412 500 351