Former NewSat CEO charged over false invoices

The former chief executive of failed satellite company NewSat has been charged by the Australian corporate regulator for allegedly approving false invoices that funnelled $357,000 into his private company.

Adrian Ballintine

NewSat was a listed satellite communications provider until it fell into receivership on April 17 2015. It had planned to launch the country's first privately-owned satellite, but went under after reported conflicts of interest and governance breaches came to light that year.

The company collapsed owing $500 million to European and US financiers, and having wiped out $200 million in investor funds.

Late yesterday ASIC said it had charged Ballintine with three counts of authorising the making of a false or misleading document.

It alleges that Ballintine approved invoices on three separate occasions between January 18 2012 and September 15 2012 that resulted in $357,000 being paid into a private yacht business run by the former NewSat CEO.

He faces a maximum 15 years in jail if found guilty of the charges. The matter has been listed for a hearing on January 16 next year.

Jason Cullen, a finance consultant to NewSat, was also this week charged with two counts of creating false invoices.

The Sydney Morning Herald reported that Cullen - the finance chief for Ballintine's yacht business and also a shareholder - was allegedly responsible for channelling $275,000 into the company.