Dr Michael Wooldridge – who was federal health minister in the Howard government – is one of five directors of Australian Property Custodian Holdings (APCH) who yesterday received penalties for breaching director duties by making an illegal related party payment of more than $30 million.
According to a statement from ASIC, the Federal Court disqualified Dr Wooldridge from managing a company for two years and fined him $20,000.
Other penalties included a 15 year ban for Prime Trust founder Bill Lewski – who also received a $230,000 fine – as well as fines of $20,000 or more for former directors Mark Butler, Kim Jacques and Peter Clarke.
The former directors were also ordered to pay the costs of ASIC’s court proceedings, while granting a stay of the orders in respect to Mr Lewski and Dr Wooldridge.
“These individuals, through their actions, showed a complete disregard for the unit holders of Prime Trust to which they owed important obligations,” said ASIC commissioner Greg Tanzer.
The former directors of APCH – which was the responsible entity for the Prime Retirement and Aged Care Property Trust, a managed investment scheme which owned retirement villages in Queensland, New South Wales and Victoria – were found liable of director’s breaches in December 2013.
