Anthony @ Equity Investigations, Dear Anthony, Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony,

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: SEC-ond-chance who wrote (83121)	2/2/2003 4:33:35 PM
From: StockDung	Read Replies (2) of 122087

NEW TEL SUNDAY COMICS->ATO jolt for New Tel By Geoff Elliott February 03, 2003 DOMENIC Martino's claim that failed telco company New Tel was in fine shape when he left the firm as a director in early 2002 is looking shaky thanks to the latest moves by the Australian Taxation Office. Mr Martino resigned as chief executive of accounting giant Deloitte Touche Tohmatsu last month, citing the controversy over the collapse of New Tel, but he denied there were any problems at the company when he was a director. But ATO legal action indicates the company was running into problems paying its tax bill between May 1 and June 30, 2002, just five weeks after Mr Martino's resignation as a director of New Tel was announced. The ATO started legal action against New Tel chairman Harry Sorensen and chief executive Peter Malone two weeks ago in the WA Supreme Court in an attempt to recover more than $571,000 in unpaid tax. The West Australian newspaper reported a writ lodged by the tax office claimed New Tel withheld $571,969 in tax between May 1 and June 30 last year "for the purposes of Division 12 in Schedule 1 to the Taxation Administration Act". Mr Sorensen and Mr Malone were the only Australian-based directors at New Tel during May and June. It is unclear why the ATO has only nominated May and June for its action, rather than later months when the cash crisis engulfing New Tel worsened. There is speculation New Tel came to some agreement with the ATO to pay off the tax for those months but was ultimately unable to meet its obligations for May and June. The liquidator to New Tel, PWC, has said previously that New Tel could have been insolvent for up to 12 months before it collapsed in December, a period that takes in Mr Martino's time at New Tel as a director and, if true, could mean he faces criminal charges along with other New Tel directors. The Australian

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next