The Australian Securities and Investments Commission (ASIC) has finalised civil proceedings against the former managing director of the Satellite Group, Greg Fisher. However, criminal proceedings against him, which were suspended last October due to Fisher’s ill health, are set to resume this year, with a court date to be set later this month.
ASIC announced the completion of civil proceedings against Fisher and fellow Satellite director Jonathon Broster last Thursday. The Supreme Court made declarations, with the consent of Fisher and Broster, that they and their family trust companies breached the Corporations Act by improperly obtaining Satellite funds for their personal ventures without the approval and knowledge of the Board of Directors and shareholders of Satellite Group Limited.
Fisher and Broster both also consented to be banned from being a director of a private company for five years, and from being a director of a public company for eight years. However, according to an ASIC spokesperson, their consent to the orders in the civil case will not prejudice them in regards to the criminal case.
Broster also agreed to pay a penalty of $200,000 in addition to costs of $50,000. Fisher was declared bankrupt last year, so will not pay a penalty or compensation.
Fisher told Sydney Star Observer that he was pleased with the outcome, to the extent that it represents the first leg of a three-leg strategy to clear his name. He stressed that the declarations he consented to were without any admission of culpability.
Fisher also said he would be making a full public statement at the end of January, directly responding to allegations made against him and outlining why the Satellite Group failed four months after he was removed from its board.