Stephen McGovern, Dubber CEO, banned from leaving Australia

Already a subscriber?Dubber chief executive Stephen McGovern and Mark Madafferi of Christopher William Legal have been banned from leaving Australia while regulators investigate how $30 million went missing from the ASX-listed call recording software group accounts.

The Australian Securities and Investments Commission on Friday secured interim travel restraint orders preventing Mr McGovern and Mr Madafferi from leaving or attempting to leave Australia.The investigation comes after the board of Dubber revealed it was unable to access $30 million held in a term deposit account, held on behalf of the company by a third-party trustee.Dubber is still trying to find approximately $26.

Dubber is yet to report its first-half accounts but has secured a $5 million bridging loan from major shareholder, Alex Waislitz’s Thorney Investment Group.with the help of Unified Capital Partners. The travel restraint orders were made by the Federal Court after an application by ASIC. As the hearing was held in their absence, Mr McGovern and Mr Madafferi have not yet had the opportunity to respond to ASIC’s application.

ASIC understands that Mr McGovern is a British national with permanent residence in Australia. Mr Madafferi is an Australian citizen.is a technology reporter with The Australian Financial Review, based in the Brisbane newsroom. She was previously the work & careers reporter.

Source: Law Daily Report (lawdailyreport.net)

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