Edward Harold Pye admitted to misappropriating company funds
A transport boss has admitted to breaching his duties as a director after being accused of misappropriating $575,000 of funds from his Queensland-based business.
Edward Harold Pye pleaded guilty before the Brisbane District Court to two charges of dishonestly using his position to gain an advantage for himself and/or another person.
He admitted to breaching his duties while a director of Gatton-based ERH Transport Services Pty Ltd.
Pye had been charged with two counts of dishonest use of position with the intention of directly or indirectly gaining an advantage for himself or someone else under section 184 of the Corporations Act following an Australian Securities and Investments Commission (ASIC) investigation.
Read how a company and director were penalised for COR breaches, here
Liquidators were appointed to the company in 2014 and initially reported the misappropriation of business funds.
ASIC alleged that in 2014, on two separate occasions, Pye dishonestly used his position to transfer $25,000 and $550,000 of ERH Transport Services Pty Ltd funds to himself and another person.
Pye was the sole director of ERH Transport Services at the time of the alleged conduct, ASIC notes.
The matter has been set down for an arraignment on 15 August 2019.