The Australian Securities and Investments Commission (ASIC) today announced the disqualification of Dimitrios (James) Podaridis. Mr Podaridis has been disqualified from managing companies for two years after his involvement in two failed companies.
During various times between 2015 and 2018, Mr Podaridis was a director of two companies that went into liquidation:
- A.C.N. 605 261 603 Pty Ltd (ACN 605 261 603) (formerly known as Champion Beverages Pty Ltd) (Champion); and
- ICBC Capital Pty Ltd (ACN 140 629 296) (ICBC).
Champion operated as a product distributor in Australia and New Zealand. ICBC, which previously held an Australian Financial Services licence, provided advisory services, raised capital and traded in shares.
ASIC found that Mr Podaridis breached his record keeping obligations in relation to both Champion and ICBC. He was also found to have breached his duties to act with due care and diligence with regard to ICBC, in that he failed to actively participate in the company’s management or take reasonable steps to monitor the company’s affairs.
Finally, Mr Podaridis was found to lack adequate understanding of a director’s duties.
The total amount owed to creditors across both companies is estimated to be between $562,380 and $1.69 million.
Mr Podaridis is disqualified from managing corporations until 24 May 2023.
