19. July 2011 09:01
Ms Jan Li, of Box Hill, Victoria has pleaded guilty to breaching directors' duties.
Ms Li, who is also known as Jane Lee, entered the plea in the County Court of Victoria to six charges of dishonestly using her position as a director or officer of a corporation contrary to section 184(2) of the Corporations Act.
Ms Li was a director or officer of IBP Venture Capital Reserve Ltd, Urban Investment Services Pty Ltd, IBP Property Holdings Pty Ltd and Sunset Capital Pty Ltd.
Ms Li transferred shares owned by companies she controlled at artificially inflated prices so as to change the balances of inter-company loan accounts between the companies. The value of these transactions was $2,465,000.
Ms Li transferred shares at artificially inflated prices to herself and one other person in lieu of being repaid amounts owed to them. Further, Ms Li and the other person then transferred the shares to another company controlled by Ms Li, which paid money for the shares to Ms Li and the other person. The value of these transactions was $125,000.
Ms Li was sentenced to a total effective sentence of 34 months imprisonment. Ms Li was ordered to be released forthwith upon entering into a recognisance in the sum of $5000 to be of good behaviour for a period of 36 months.
The Commonwealth Director of Public Prosecutions prosecuted the matter.
On 6 May 2009 ASIC banned Ms Li for 8 years from the financial securities industry.
See previous ASIC media release 09-23AD for further details of the above matter.