AUSTRALIA: Charges filed by ASIC for Australia major shareholdings breaches

Monday December 9 2013

Paul Gerard Choiselat, a 58-year old Melbourne man, has been charged with 25 `rolled up` charges relating to market manipulation and concealing his Australian major shareholding interests in shares of listed companies. Mr Choiselat was a director of two ASX Listed companies, Q Ltd (from 2001 to 2013) and Jumbuck Entertainment Ltd (from 2004 to 2008). During most of this period, Mr Choiselat held the role of managing director or executive chairman.

Twenty of the charges relate tomajor shareholding disclosures by Mr Choiselat of his interests in Q Ltd and Jumbuck Entertainment Ltd in the period 2003 to 2009, among others including substantial holder notices lodged with ASX.

ASIC alleges that the disclosures of Mr Choiselat`s interests were false as they did not include his total interest in the companies. The disclosures excluded interests held though various offshore entities registered in the British Virgin Islands and managed from Hong Kong.

The matter has been adjourned for a committal mention on 26 February 2014. The Commonwealth Director of Public Prosecutions is prosecuting the matter.

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