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​West Australian mining director jailed

Editorial
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David Alan Zohar, former director of the junior bauxite explorer Aluminex Resources has been jailed for providing false and misleading information to the ASX.

Zohar pleaded guilty to three counts of the charge at the Perth District Court, and admitted that he was responsible for providing the ASX with information prior to the 2008 Aluminex stock market float.

Aluminex was admitted to the ASX in September 2008, but was soon suspended for inability to satisfy the ASX that it had met the requirements for listing.

In November Aluminex announced it might not have received cleared funds greater the minimum subscription amount of $2.5 million specified in its prospectus, leading to investigation by the Australian Securities and Investments Commission.

As a result Aluminex was forced to refund all of its share advisors

Last Friday Zohar was sentenced to 14 months with a minimum of five months for good behaviour, followed by $5000 recognisance and 12 months of probation.

Image: Ninemsn  

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