Adelaide Directors Sentenced

The former directors of International Finance Corporation Pty Ltd (in liquidation) (IFC) were sentenced today in the South Australian District Court on 44 charges relating to raising funds from the public in breach of the Corporations Act (the Act).

Mr Robin Brian Poumako, 59, of Lewiston, South Australia, was sentenced to two years and six months imprisonment. After serving 12 months imprisonment, Mr Poumako is to be released on a $1500 recognisance to be of good behaviour for 18 months.

Ms Ann-Marie Donaldson, 46, of Greenwith, South Australia, was sentenced to 18 months imprisonment but was released forthwith on entering into a $1500 recognisance to be of good behaviour for 18 months.

Mr Poumako and Ms Donaldson were found guilty by a jury on 30 April 2008 of having aided IFC to make offers of, and to issue, debentures to investors in breach of the Act.

IFC, through Mr Poumako and Ms Donaldson, had raised approximately $3 million in the 12 months prior to 31 December 2003 for real estate developments, including the development of the former Fernilee Lodge site in Burnside, South Australia.

The offences related to 22 debentures offered and issued to investors who loaned approximately $1.23 million to IFC between 14 July and 29 December 2003.

A company issuing debentures to more than 20 investors or for more than $2 million in any 12 month period must comply with the disclosure requirements of the Act so that investors are provided with all relevant information to enable them to make a fully informed decision about the investment and its associated risks.

A liquidator was appointed to IFC on 20 July 2004 following an application by ASIC. Mr Poumako was made bankrupt on 11 June 2008 on the petition of a creditor.

ASIC media release excerpts