FORMER chair of childcare group G8 Education, Jenny Hutson, has been committed to stand trial on 29 charges brought by the corporate regulator.
The charges were brought by ASIC following an investigation into a 2015 takeover bid by G8 Education for ASX-listed Affinity Education Group Limited.
Hutson has been charged with:
- one charge of dishonestly failing to exercise her powers and discharge her duties as a director under section 184(1) of the Corporations Act (maximum sentence of imprisonment of five years);
- two charges of dishonest use of her position as a director under section 184(2) of the Corporations Act (maximum sentence of imprisonment of five years);
- nine charges of authorising the giving of false or misleading information to an operator of a financial market (maximum sentence of imprisonment of 5 years);
- two charges of attempting to pervert the course of justice under section 43 of the Crimes Act (maximum sentence of imprisonment of ten years); and
- fifteen charges of giving false or misleading information under section 64 of the ASIC Act (maximum sentence of imprisonment of two years).
- ASIC’s investigation included enquiries into alleged undisclosed arrangements between G8 Education and West Bridge Holdings Pty Ltd (West Bridge) for the acquisition of Affinity shares as part of the takeover bid.
The charges relate to Hutson’s involvement in West Bridge’s acquisition of Affinity shares. The regulator alleges she gave false information to and attempt to mislead ASIC as part of its investigation. Charges also include Hutson’s use of G8 Education funds, totalling $928,500, to acquire shares in ANZ Bank for Crossborder Investments Pty Ltd, a company which Hutson is a director.