ASIC brings charges against Murray Bridge grain trader

Murray Bridge grain trader, Brenton Strauss, has appeared in the Murray Bridge Magistrates’ Court on two charges, brought by ASIC, of breaching his directors’ duties.

ASIC alleges that Mr Strauss, of Murray Bridge, South Australia, failed to exercise his powers as company director in good faith and in the best interests of a corporation and used his position dishonestly with the intention of gaining an advantage for another person.

At the time of the alleged conduct in March to April 2014, Mr Strauss was a director of grain trading business Sapphire (SA) Pty Ltd (Sapphire), which traded under the name of River City Grain Co.

The first charge alleges that Mr Strauss reassigned grain contracts between Sapphire and another company without the knowledge or consent of the other company prior to placing Sapphire in voluntary administration.

The second charge alleges that Mr Strauss directed monies that were due and payable to Sapphire to another company knowing that the other company had no entitlement to the monies.

The charges were brought against Mr Strauss following an ASIC investigation into his conduct as the director of Sapphire.

Mr Strauss did not enter a plea but asked for an adjournment to obtain legal advice.

The matter was adjourned for further mention to 22 August 2016 at Murray Bridge Magistrates’ Court.

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