By James Wells

MELBOURNE: The former chief financial officer of Teac Australia, Ken Evans, has been charged with eight counts under the Corporations Act  following an investigation by the Australian Securities and Investments Commission (ASIC).

According to ASIC, Evans was served with on 26 March and has since appeared in the Melbourne Magistrates Court.

These charges follow the arrest and charging of Gavin William Muir, the former managing director of Teac Australia Pty Ltd on similar charges on 30 March 2007.

Mr Evans was yesterday charged with eight counts under the Corporations Act and faces six counts of failing to act in good faith in the best interests of Teac Australia, one count of dishonestly using his position as a director of Teac Australia and one count of falsifying company books.

The charges arise from Mr Evan’s actions following a $6 million shortfall at settlement from the sale in May 2002 of the TEAC Australia Port Melbourne premises to Mr Muir’s private company, Bay St Corporation..

A committal mention date was set for 21 June 2007 in the Melbourne Magistrates Court.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.

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.