This article is from the Australian Property Journal archive
THE corporate regulator has banned a former director of two failed property development companies.
Kenneth Wen Hsi Lee of Lurnea has been banned from managing corporations for a period of two years.
Lee was a former director of S.E.T Services Pty Ltd (SET) and Sydney Project Group Pty Ltd (SPG), both failed land-owning companies involved in a property development known as Skypoint Towers in Lidcombe.
ASIC found he failed to take reasonable steps to place himself in a position to guide and monitor the management of the companies and failed to exercise his powers and discharge his duties as a director of SPG in good faith, in the interests of SPG and for a proper purpose by pursuing an unnecessary appeal by SPG in the New South Wales Land and Environment Court in relation to the Skypoint Towers development.
ASIC said Lee also failed to take all reasonable steps to secure compliance by SET and SPG with their obligations to keep written financial records that correctly recorded and explained the companies’ transactions, financial position and performance that would enable true and fair financial statements to be prepared and failed to ensure that the companies complied with their statutory duty to lodge Business Activity Statements with the Australian Taxation Office.
