FRAUD alleged

Hokitika Guardian, 20 February 1933, Page 7

FRAUD alleged

.SYDNEY INSURANCE COMPANY,

OUTSTAYDT XG R E VEL A TIO NS

(Australian Press Association )

SYDNEY, February 17.

Tim affairs of the Associated Dominions A.'Vsii Society Limited, were involved in a case now before the City Court. ■Oswald '-Corkill, aged 47, secretary and William T. Page, aged 45, company director, were charged with having published a false balance sheet relating to assets of 'this Company, with intent to defraud the shareholders.

Police Prosecutor Dovev Paul that the evidence would disclose the b”l----,anc e sheet wais prepared with craft and cunning, and that the liabilities amounted to nearly £336,GC0, of which £IOO,OOO was icanr-PUed. It wa.s practically a one-man company run .by page, with Cork'll a tool in his hands. Page provided himself with a salary of £2,400 a year, and it was impossible to remove him while ho hejd 20,000 shares. The other directors were more or less dummies. Ihe Company, which was pure’y of the mushroom type, had been utterly insolvent for some time. A last feverish attempt was made last September to acquire another Company in order that its might be used to bolster up Page's Company, but th. e attempt faded.

The hearing was adjourned. Matson Brain, aged 46, Company director, and 'Sydney Smith, aged 42, clerk, weiv charged with having conspired with CJorkill and Page to defraud shareholders and policyholders of the Commonwealth Life Amalgamate cl j.Vssm'avice Association Limited of large sums of money. Thev wer P . rem inded .on bai] until March' 7.