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Former TZ Limited (listed public company) director, Andrew John Sigalla, was today sentenced to ten years imprisonment, with a minimum of six years to serve, having been found guilty on 22 November 2016 of 24 counts of dishonest conduct, following a jury trial in the Supreme Court of New South Wales.
The jury found that Mr Sigalla used his position as a director dishonestly to gain financial advantage by causing $8.6 million in company funds to be transferred to either himself, his related entities or others.
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 accounts were largely used to reduce his debt with bookmaker Tom Waterhouse or to make mortgage payments on behalf of one of his personal companies.
Her Honour Justice Adamson said:
The offending conduct took place over a period of more than two years in circumstances which demonstrated considerable deception, ingenuity, opportunism and greed.
Private investment in public companies is a significant aspect of the market economy. If potential investors fear that the directors of public companies will misuse their positions to their own advantage, they will be loath to invest and the market will be deprived of capital which would otherwise have been available.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.