ASIC has disqualified Christian Oey, a former director in the financial and insurance services industry, from managing corporations for five years due to his involvement in the collapse of three companies.
Oey, based in Dural, NSW, served as director for Clickthru and O’Corp Media from May 1999 to November 2018, and as an officer of Cornerstone Growth Capital between September 2019 and March 2021.
ASIC’s investigation revealed that Oey’s management failures included poor financial oversight, improper use of his director position for personal gain, allowing Clickthru to incur debts while insolvent, misuse of company funds in Cornerstone Growth Capital, and breaching court undertakings related to O’Corp Media.
ASIC investigations found that Oey “acted improperly and failed to meet his obligations as a director and officer.”
The three companies collectively owed $5,850,309 to creditors, including significant amounts to the Australian Taxation Office and small business creditors.
The disqualification was based on reports from the liquidators of Clickthru and Cornerstone Growth Capital, with ASIC providing funding for the reports from the Assetless Administration Fund.
Oey is banned from managing corporations until June 6, 2029, and has the right to seek a review of ASIC’s decision by the Administrative Appeals Tribunal.
Section 206F of the Corporations Act empowers ASIC to disqualify individuals from managing corporations for up to five years if they were officers of two or more companies that failed to pay their debts and were wound up.
ASIC, which recently released Information Sheet 283 to address the increasing risk posed by the use of unmonitored and encrypted communication channels, maintains a register of banned and disqualified persons, covering those disqualified from corporate management, auditing SMSFs, or practicing in financial services or credit industries.
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