Chariot managing director, Robert Horlin-Smith, has stepped down from his executive post to stand trial for alleged misconduct while at the helm of another company.
The charges relate to an Australian Securities and Investments Commission (ASIC) investigation into Horlin-Smith's activities while secretary of Norman Wines in the 1990s. Chariot announced the charges a week ago to the ASX and stated that Horlin-Smith would "vigorously" defend the accusations.
However, the Adelaide-based ISP has now announced he will relinquish his managerial duties to fulfill a consultancy role within the company for the next six months.
Horlin-Smith was the company secretary of Normans Wines between October 18, 1994, and December 24, 1999. ASIC alleges that between June 1999 and October 1999, he:
- failed to act honestly in the exercise of his powers and discharge of the duties of his office with the intention to deceive or defraud the auditor of Normans Wines;
- supplied misleading information to the company's auditor as secretary and employee;
- supplied misleading information to the Australian Stock Exchange about the company; and
- authorised the making of a statement in a document lodged with ASIC which was false or misleading.
Horlin-Smith is also currently embroiled in another legal wrangling with Transcom International, who is suing both Horlin-Smith and Chariot for breach of contract and damages from a business relationship.
In a statement to the ASX on Thursday, Chariot said finance director, Garry Hersey, would assume the role of CEO, effective immediately.