Company Director Convicted After ASIC Investigation Reveals ‘Phoenix’ Activity
A company director, Soutsakhorn Chanthabouly, has been convicted and sentenced after an investigation by the Australian Securities and Investments Commission (ASIC) revealed she had engaged in illegal phoenix activity.
The ASIC investigation found that Chanthabouly had transferred $22,000 from a company bank account to another company of which she was director. It found that, in making this transaction, she had dishonestly used her position in a bid to gain an advantage for herself and the recipient company. Further, it found that Chanthabouly had destroyed company books to conceal her actions.
Chanthabouly was charged with one count of breaching her director duties and another of destroying company records. She is disqualified from managing corporations for five years.