By James Wells
MELBOURNE: Gavin Muir was arrested in Melbourne yesterday following an investigation by the Australian Securities and Investments Commission (ASIC) into his conduct as a director of Teac Australia which was placed into administration in March 2005.
The arrest of Muir – who is now based at Broadbeach in Queensland, followed an ASIC investigation into his conduct as a director of both Teac Australia and his private company Bay St Corporation Pty Ltd.
According to ASIC, Muir voluntarily presented himself to the Melbourne Magistrates Court and was charged with 11 counts under the Corporations Act.
Muir faces seven counts of failing to act in good faith in the best interests of Teac Australia, two counts of dishonestly using his position as a director of Teac Australia and two counts of falsifying company books.
The offences are alleged to arise out of Muir’s conduct following a $6 million shortfall at settlement on the sale in May 2002 of Teac Australia’s Port Melbourne premises to Muir’s private company, Bay St Corporation.
Muir was granted bail on the condition that he reside at his residential address at Broadbeach in Queensland, surrender valid passports or any other valid travel documents held prior to release and not apply for any other, not attend any points of international departure, not leave Australia, not associate with any co-accused, report to a relevant police station three times a week, and not contact any prosecution witnesses directly or indirectly unless the prosecution agrees in writing.
A mention date in the Melbourne County Court of 9.00am on 21 June 2007 was set.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
Administrators were appointed to Teac Australia in March 2005 and the business was sold in 2007 to Singaporean interests who are now trading under the Teac name. Bay St Corporation is currently in external administration following the appointment of liquidators in April 2006. Muir was made a bankrupt in December 2006.