Restaurateur Gaowei Shi, of Highbury, South Australia, has pleaded guilty to one charge of falsifying company books.
An ASIC investigation found that Mr Shi, director of The Crane Japan Restaurant (SA) Pty Ltd, a restaurant in Glenelg, South Australia, had redirected $47,000 from a purchase and sale agreement in December 2015 to sell assets of the company to East and West Venture Pty Ltd for $100,000.
Mr Shi redirected approximately $47,000 of the sale proceeds to his personal account.
ASIC found that Mr Shi falsified the companys bank statements to show that the $47,000 was deposited into the companys bank account.
The falsification was discovered after the company entered liquidation on 9 March 2016 and the liquidator, Peter Lanthois…
Read the full article at: https://www.accountantsdaily.com.au/business/12934-liquidator-uncovers-director-falsifying-company-books