ASIC Stop Channel CEO From Leaving OZ
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The Australian Securities and Investments Commission has obtained a court order temporarily barring the CEO of an ASX-listed IT distributor from leaving Australia as it investigates what it says is the misappropriation of about $1.2 million after a public share issue last year.

The Federal Court heard that Kim Wong, managing director of Melbourne-based service provider WinTech is being investigated by ASIC over claimed transfers of funds from the company’s account to those of Wong and his Korean girlfriend, Yun Jung Choi, according to a Melbourne Age report.
ASIC’s counsel, Daniel Crennan, told Justice Alan Goldberg the regulator was concerned that some of the funds WinTech raised from a $2.53 million share issue in early 2009, which should have been held on trust, appeared to have been transferred firstly into the company’s trading account and then into private bank accounts.
The judge was told that records obtained from Crown Casino by ASIC indicated that Wong attended the casino on 188 days from the start of 2009 until September 9, and in that period lost $407,900.
Wong’s travel ban is in place until June 24. Wong’s lawyer, Murray Gerkens of FCG Legal, told The Age that his client denies any wrongdoing and will challenge both the travel ban and any allegations levelled at him by ASIC.
Activities of WinTech (www.wintechgroup.com.au) are listed on the ASX as importation and wholesale distribution of computers, computer parts and accessories.
The company’s shares have not been traded on ASX during the past six months.