This article is from the Australian Property Journal archive
THE corporate regulator has closed its investigation into the collapse of ABC Learning Centres after the Director of Public Prosecutions advised there was no reasonable prospect of obtaining criminal convictions.
In a statement, ASIC said that the DPP had considered all matters referred by ASIC and determined that there was no reasonable prospect of a conviction for any further criminal charges to be commenced.
The DPP’s decision means neither Eddie Groves, nor his ex-wife and co-founder Le Neve, will face criminal charges over the collapse of ABC Learning.
In 2011, ASIC commenced action against two former executive directors of ABC in the Brisbane Magistrates Court on criminal charges of breaching their directors’ duties.
In May 2013, former chief financial officer James Black was charged with three counts of authorising false or misleading information and he was sentenced to 18 months imprisonment, wholly suspended after entering into a two-year good behaviour bond with $2000 recognisance, in March 2015.
The former director ABC, Martin Kemp, stood trial for breaching his directors’ duties in July 2011 and was found not guilty in June 2012.
Australian Property Journal
