Posted February 03, 2020 01:30:33David Guetta’s titanium company is being investigated by the Financial Conduct Authority (FCA) for allegedly misappropriating more than $4 million from investors.
In May 2017, the Australian billionaire was accused of failing to declare $4.5 million from an investment in titanium manufacturing firm Epson.
Investors in the investment group bought the shares in 2018, and a year later, Mr Guetta, then the head of Epson, had to declare the sale of his stake to the FCA.
The FCA was able to seize $2.4 million of the shares from the company, which has since been bought by Guetta Technologies.
The regulator is also looking into the claim that Mr Guettas personal wealth is undervalued.
Its chief executive, Stuart O’Reilly, said the Fca had been “very impressed” with the company and that it was “firmly committed to ensuring that all investors are held to the highest standards”.
Mr O’Reilly said Mr Guittas personal assets had been frozen and the FcA had begun a review of its operations.
“The Fca has been very impressed with the way that Mr G has been managed over the last six years,” he said.
“We continue to work with the board to identify further avenues for improvement.”
In particular, we have been concerned about his apparent financial interests in his personal assets and will continue to monitor this situation closely.
“The Fca is also examining the allegations against the company’s former chief executive Peter Munk.
Mr Munk was appointed to the post in November 2016 and has been the subject of a number of complaints about Mr Guitton’s business dealings.
Last month, Mr O’Leary told the ABC he had “no confidence” in Mr Munk and would be looking for a new CEO.”
Peter has been a great leader in the past and we are very disappointed in his conduct in the last few months,” he told the network.”
He is no longer able to be in charge of the company.
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