ASIC bans convicted former director for three years

ASIC has banned former Radar Iron Limited and Armada Capital Pty Ltd director Ananda Kathiravelu, of Perth, WA, from providing financial services for three years, following his conviction for market manipulation offences.

Mr Kathiravelu was convicted in the Supreme Court of Western Australia in February 2021 for conspiring to manipulate the market for Radar Iron shares traded on the ASX between 12 May 2016 and 17 May 2016. He was sentenced to twelve months’ imprisonment and released on recognisance in the sum of $10,000 (21-020MR).

In banning Mr Kathiravelu, ASIC found that Mr Kathiravelu had not complied with financial services law and was involved in the contravention of a financial services law by another person.

The ban prevents Mr Kathiravelu from providing any financial services, performing any function involved in the carrying on of a financial services business and controlling an entity that carries on a financial services business.

Mr Kathiravelu has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Background

Mr Kathiravelu was an Authorised Representative and responsible person under Armada Capital’s Australian Financial Services licence.

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