By James Wells
GOLD COAST: The former director of Teac Australia, Gavin Muir, died suddenly of a stroke on Friday only days before he was due to appear in court on 11 charges of breaching the Corporations Act.
According to news reports, Muir died at a Gold Coast hospital after earlier suffering a stroke while attending a boat show at Sanctuary Cove. Current.com.au understands that life support was switched off later on Friday night.
Muir was arrested on Thursday 29 March 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 was 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.
Muir faced 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 resulted from 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.
In March, 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.
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.