Newspaper article News Mail Bundaberg Qld.

Sydney Investor Faces Charges over Offshore Firms' Stake in Gold Company

Newspaper article News Mail Bundaberg Qld.

Sydney Investor Faces Charges over Offshore Firms' Stake in Gold Company

Article excerpt

SYDNEY gold mining investor John Lindsay Merity has faced court on charges of misleading the national corporate regulator over two offshore companies' investments in an Australian firm.

The 69-year-old Vaucluse resident appeared in Downing Centre Local Court charged with five counts of authorising the making of a statement to the Australian Securities and Investment Commission that was false or misleading.

He also faced one count of attempting to cause the concealment or destruction of books.

The charges follow a five-year investigation into two offshore companies registered in the British Virgin Islands that had a major stake in Northwest Resources.

It is alleged Mr Merity was linked to the two offshore companies that invested in Northwest - a company directed by his son, John Merity Jnr.

The regulator said both companies, Craigside Company Ltd and Broome Enterprises Ltd, were incorporated in BVI and operated from Hong Kong.

ASIC alleged Mr Merity authorised the creation of misleading statements about the identities of the companies to ASIC during an investigation between October 2009 and December 2011. …

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