COMPANY’S AFFAIRS

Dominion, Volume 26, Issue 124, 18 February 1933, Page 11

COMPANY’S AFFAIRS

Alleged Intent to Defraud

OFFICIALS IN COURT

Sydney, Feb. .17.

The affairs* of the Associated Dominions Assurance Society. Limited, were involved in a case now before the City Court. Oswald Corkhill, 47, secretary, and William T. Page. 45, company director, were charged with having published a false balance-sheet relating to the assets of this company with intent to defraud shareholders. The Police Prosecutor. Mr. Dovey, said that the evidence would disclose that the balance-sheet was prepared with eraft and cunning and that the liabilities amounted to nearly £336.000, of which £lOO,OOO was cancelled. It was practically a one-man company run by Page, with Corkhill as a tool in his hands, Page providing himself with a salary of £2400 a year. It was impossible to remove him while he held 20,000 shares. The other directors were more or lesJ dummies. The company, which was purely of the mushroom type, had been utterly insolvent for some time past. A feverish attempt was made last September to acquire another company in order that its funds might be used to bolster up Page's company, but the attempt failed. The case was adjourned. Mattsson Brain, 46, company director. and Sydney Smith. 42, clerk, were charged with having conspired with Corkhill and Page to defraud the shareholders and policyholders of the Commonwealth Life Amalgamated Assurance Association. Limited, of large sums of money. Accused were remanded on bail until March 7.