Former listed public company director found guilty of dishonest conduct


Former TZ Limited director, Andrew John Sigalla, has been late yesterday found guilty on 24 counts of dishonest conduct, following a 22-day trial before a jury in the Supreme Court of New South Wales.

The court found that Mr Sigalla used his position as a director dishonestly to gain an advantage for himself or others, by causing over $8.7 million in company funds to be transferred to either himself, his related entities or others.

The jury took three days to reach their verdict in relation to the charges.

The offences related to transfers of funds from the accounts of TZ Limited between December 2006 and March 2009. In relation to one of the counts, there was a transfer of TZ Limited shares worth approximately $500,000 to a company based in Hong Kong. The funds transferred to Mr Sigalla’s various accounts were then largely used to reduce his debt with bookmaker Tom Waterhouse or to make mortgage payments on behalf of one of his personal companies.

John Price, ASIC
John Price, ASIC

ASIC Commissioner John Price said:

This verdict sends an important signal to all companies that the performance and behaviour of a director in carrying out their duties must be beyond reproach. They are in a position of critical responsibility and must act in the best interests of the company.

The matter has been listed for sentencing submissions before the Supreme Court of New South Wales on Friday, 3 February 2017. A detention application was made by the Crown and bail was revoked by the Court. Mr Sigalla faces a maximum of five years’ imprisonment and/or a fine of $220,000 for each count.

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Former listed public company director found guilty of dishonest conduct

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