Gavin Muir, the former CEO of TEAC has been charged by the Australian Securities and Investments Commission with 11 counts of misconduct as a director under the Corporations Act.
The charges follow an Australian Securities and Investments Commission investigation into his conduct while a director of TEAC Australia and property development company Bay St Pty Ltd.
“The offences are alleged to arise out of Muir’s conduct following a $6 million shortfall at settlement on the sale in May 2002 of TEAC Australia’s Port Melbourne premises to Muir’s private company, Bay St Corporation,” ASIC said in a statement last night.
Muir established TEAC Australia in 1978 and was half-owner with the parent company in Japan. TEAC Australia had a turnover of $170 million and about 100 staff.
While running TEAC, Muir refurbished the historic Royal Mint in William Street as the company’s headquarters.
In 2004, Muir and his partners won a $20 million State Government tender to redevelop Queenscliff harbour. Others involved included Nufarm managing director Doug Rathbone and Queenscliff and Sorrento ferry owners John Barnes and Jack MacKeddie.
Bay St Corporation was the developer of the luxury Port Melbourne apartment block, The Muir. The 215-apartment complex had an end value of more than $100 million.
Muir, now based in Broadbeach, in Queensland, faces seven counts of failing to act in good faith in the best interests of TEAC Australia, two counts of dishonestly using his position at TEAC Australia, and two counts of falsifying company books. He had to surrender his passport and report to police three times a week.
The case has been set for mention in the Melbourne County Court on June 21.
TEAC Australia was placed in administration in 2005 and was sold to Singaporean investors. Liquidators were appointed to Bay St Corporation in April last year. Muir was made a bankrupt in December.
TEAC products have been available in Australia for more than 30 years. TEAC Australia is currently managed by TT International Limited (TTIL), a Singapore Stock Exchange Mainboard Listed Public Company. TT International is a leading Singapore-based consumer electronics company. TEAC Australia head office is based in Tullamarine and houses our national Sales & Marketing, Finance & Administration divisions along with our National warehouse. TEAC offices in Sydney, Brisbane and Perth complete our national Sales and Service structure. Each is equipped with a team of Sales and Service personnel.
The TEAC distribution network has been strategically developed to best serve our suppliers nationwide. The new Victorian Distribution Centre located in Tullamarine (30 Tullamarine Park Rd, Tullamarine) works together with TEAC warehouses in Brisbane and Perth to provide dependable dispatch and delivery.
According to the Age newspaper buyers are apparently lining up to buy the palatial Brighton home of the debt-ridden former TEAC Australia boss Gavin Muir, which is on the market for more than $8 million.
Built in 1889, the sprawling Moule Avenue mansion boasts a three-storey tower with bay views, grand entrance hall, five bedrooms and a swimming pool, of course.
Neighbours in the exclusive strip include former Gribbles Group managing director Wallace Cameron, St Kilda Football Club coach Grant Thomas and mobile phone entrepreneur John Ilhan.
The home is registered under the name of Gavin Muir Pty Ltd.
