chisdog
Kennel Legend
- Joined
- Jun 25, 2010
- Messages
- 8,165
- Reaction score
- 7,811
© Sydney Morning Herald Former rugby league star Lou (Lubo) Zivanovic.
Former rugby league star Lou (Lubo) Zivanovic has been banned from managing a corporation for three years over the collapse of 18 building and construction companies he operated.
The Australian Securities and Investments Commission (ASIC) originally banned Mr Zivanovic in February 2016, but this announcement was suppressed while the former Penrith star appealed the decision.
A Federal Court decision has now lifted the suppression order revealing that Mr Zivanovic lost his appeal to the Administrative Appeals Tribunal.
Mr Zivanovic is now disqualified from managing corporations until 18 February 2019.
Mr Zivanovic told the Herald that he will stand down as a director of his flagship property development group, CABE, "until February next year."
He said the company collapses stemmed from the financial crisis. "The last four years, everything has been rock solid," he said.
ASIC announced the ban on Tuesday, stating that all 18 companies were allegedly “insolvent and had failed to keep books and records”.
According to the corporate regulator, creditors were left with unpaid debts totalling $26.8 million from the collapse.
Mr Zivanovic said $24.5 million of this amount was owed to him via inter-company loans, the remainder was owed to the Australian Tax Office.
He claims that every other creditor was paid in full.
ASIC said that the liquidators of two of the companies - Noxituk Pty Ltd and Ezocom Pty Ltd - lodged reports alleging the companies “failed due to Mr Zivanovic’s poor management and control, extremely large debts that were accrued, their failure to pay tax and lack of company records.”
Lasting ties
Mr Zivanovic, who played 116 games for the Penrith Panthers between 1979 and 1986, still has strong ties to the club.
CABE is behind a major property development at the club called ESQ 1818 (East Side Quarter).
In March this year, it received development approval for the first stage of its $500 million 850-apartment project which promises to offer "resort-style amenities such as a wellness retreat, a private club and restaurants".
“The project will create a vibrant urban village on the door steps of the Penrith Panthers’ Entertainment hub,” said Cabe chief executive, Andrew James.
The project is due to launch later this year.
"Lou formed CABE Developments in 1999 with the vision to create a specialist development company that controlled every aspect of a project from inception to completion," says the company web site.
https://www.msn.com/en-au/news/aust...orporate-regulator/ar-AAxFGGp?ocid=spartanntp
