The Australian Securities & Investments Commission has charged Giuseppe DeFrancesco with three offences over his alleged conduct as an employee of Jasa Dining Pty Ltd, a restaurant business now in liquidation. The case centers on alleged diversion of sale proceeds from the business, including what ASIC describes as its first criminal charge under the creditor defeating disposition provisions of the Corporations Act. ASIC alleges that between 17 August 2023 and 5 April 2024, DeFrancesco dishonestly used his position to redirect AUD 935,000 in proceeds from the sale of Jasa Dining to himself, to the detriment of creditors. It further alleges that between 10 April 2024 and 22 April 2024 he procured, incited, induced or encouraged Jasa Dining to redirect a further AUD 96,793 in sale proceeds in a transaction that was a creditor defeating disposition while the company was insolvent. A separate charge alleges he offered AUD 50,000 to induce a person in a federal judicial proceeding to withhold true testimony. Jasa Dining previously operated the restaurant The Italian Food Project. The matter was heard in the Downing Centre Local Court and adjourned to 11 August 2026 for further mention. It is being prosecuted by the Office of the Director of Public Prosecutions (Cth).
Australian Securities & Investments Commission2026-06-30
Australian Securities & Investments Commission brings first criminal creditor defeating disposition charge over alleged diversion of Jasa Dining sale proceeds
The Australian Securities & Investments Commission has charged Giuseppe DeFrancesco over the alleged diversion of more than AUD 1 million in Jasa Dining sale proceeds, including ASIC’s first criminal case under the creditor defeating disposition laws. ASIC also alleges he offered AUD 50,000 to induce a witness to withhold true testimony. The case has been adjourned to 11 August 2026.