Three former directors of Australian Capital Reserve Limited (ACR) have appeared in the Downing Centre Local Court on charges brought by ASIC.

Mr Samuel Pogson of Wahroonga, NSW, Mr Murray Lapham of Turramurra, NSW and Mr Steven Martin of West Pennant Hills, NSW have been charged under the NSW Crimes Act with one count each of making a false statement to obtain a financial advantage for ACR.

ASIC alleges that the directors concurred in the making of a statement in ACR's Prospectus 6 lodged on 7 April 2004, which contained the financial statements of ACR’s parent company, Castle Investment Company Limited and controlled entities (CIC) as at 31 December 2003.

ASIC alleges that the CIC stated profit before income tax as at 31 December 2003 of $7,409,483 took into account sales revenue from transactions that had not properly occurred before 31 December 2003.

Mr Pogson has also been charged under s1308(2) of the Corporations Act with one count of making a false or misleading statement in a form lodged with ASIC.

Further details are available at ASIC.