Seafood Ltd Directors Discharged – Australian Securities & Investments Commission (ASIC)

LAWFUEL – The Legal Newswire – The Commonwealth Director of Public Prosecutions (CDPP) today withdrew charges brought
by the Australian Securities and Investments Commission (ASIC) against two directors of Seafood Ltd.

Mr William Matthew Schoch and Mr Terrence Michael Byrne, both of Brisbane, had each been charged with dishonestly using their positions as directors to gain an advantage for themselves and others.

The charges followed an investigation into their involvement in a transaction that was alleged to have assisted Seafood’s $16 million public float to achieve minimum subscription.

The CDPP advised ASIC that, upon reviewing the evidence, he determined to withdraw the charges.

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