The Australian Securities & Investments Commission (ASIC) announced that three former Irexchange Limited (IRX) executives have appeared in the Downing Centre Local Court charged with breaches of the Corporations Act following an ASIC investigation. The alleged conduct concerns false or misleading information provided to ASIC, shareholders and the Australian Securities Exchange (ASX) in connection with an agreement relating to founders’ shares and disclosures about the nature of IRX’s business in a prospectus lodged with ASIC. Former Chief Executive Officer Brett Charlton and former Chief Financial Officer Brett Coventry were each charged with one count under section 1308(2) for allegedly providing false or misleading information to ASIC. Former company secretary and legal advisor Anand Sundaraj was charged with two counts under section 1308(2) for allegedly providing false or misleading information to shareholders and ASX, one count under section 1309(1) for allegedly making a false or misleading statement to ASIC, and one count of aiding and abetting the offences charged against Mr Charlton and Mr Coventry, relating to conduct between 20 July 2018 and 14 February 2019. Each offence carries a maximum penalty of five years’ imprisonment or 200 penalty units (AUD 42,000), or both, and the matter is being prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ASIC. The defendants are next due to appear before the Local Court of New South Wales on 29 April 2025.

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