Sydney businessman to stand trial over alleged breach of duty

Sydney businessman to stand trial over alleged breach of duty
Jessie RichardsonNovember 24, 2014

Former TZ Limited executive Andrew Sigalla was yesterday ordered to stand trial over allegations he used money from company accounts to pay off his gambling debts to bookie Tom Waterhouse.

The Australian Security and Investments Commission (ASIC) alleges Sigalla, used the majority of a total $8,719,318 to pay gambling debts. The rest allegedly went towards mortgage payments.

The 24 payments from TZ Limited were allegedly made between late 2006 and March 2009, with ASIC alleging Sigalla failed to ensure the payments were properly recorded and failed to obtain shareholder approval.

In 2010, Sigalla was made bankrupt, owing Waterhouse $2.6 million. In 2012, he was ordered to complete 120 hours of community service, after he was convicted of contempt of court by the NSW Supreme Court for failure to disclose almost $30,000 in payments to escort agencies.

Sigalla was arrested at the Intercontinental Hotel in May 2013.

Mark Bouris took over from Sigalla at TZ Limited. The technology company later launched a $7.5 million claim against Sigalla, that was settled for an undisclosed sum.

By mid December, it will be known whether Sigalla will face the District Court or the Supreme Court.

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