GO Markets chases former CIO over IT contracts

GO Markets has filed suit against a former chief information officer, alleging he arranged “secret commissions” from at least one IT supplier, while several more contracts are set to be examined.

The proceedings were filed against Asheish Gupta and his wife in December last year but were complicated by Mr Gupta “voluntarily declar[ing] bankruptcy” in March this year.

This required GO Markets, a brokerage and trading firm, to seek leave from the court to continue the case and get permission to subpoena several vendors that also held IT contracts with the trading company.

At the core of its case, GO Markets alleges that its former CIO - who resigned in October 2023 - entered a $3.8 million contract with Gigabit Hosting Sdn Bhd.

“GO Markets alleges that, in around October 2018, Mr Gupta entered into a secret commission arrangement with Gigabit,” a recent ruling states.

“Pursuant to that arrangement, it is alleged that Gigabit paid Mr Gupta about USD $1,116,226.79 in secret commissions. 

“The payments were made between 15 January 2019 and 2 April 2024.”

GO Markets is trying to determine - “not unreasonably”, according to Federal Court Justice O’Callaghan’s ruling - whether the same alleged conduct occurred with other IT suppliers.

Other arrangements set to be examined include a $4.2 million agreement with IBM for SoftLayer technology, and a $1.6 million arrangement with German cyber security vendor Link11 and its subsidiary, DOSArrest.

Justice O’Callaghan noted, however, that “at least one GO Markets supplier will not produce documents without a court-mandated process”.

The court’s ruling enables GO Markets to continue the proceedings.

A GO Markets spokesperson could not comment as the case is ongoing.