Former CEO and director of FAL Healthy Beverages Pty Ltd, Tim Xenos, also known as Efthymios Xenos, of Peakhurst, NSW, has been charged with managing a company while disqualified, dishonestly using his position and concealing property with the intention to defraud creditors in his bankruptcy.
FAL Healthy Beverages sold coconut water beverages under the brand name CoCo Joy.
ASIC alleges that between 4 November 2013 and 15 September 2015, Mr Xenos engaged in the day-to-day management of FAL Healthy Beverages as the company’s CEO and director, despite being disqualified from managing companies due to his bankruptcy.
ASIC alleges that during his bankruptcy Mr Xenos negotiated for Coco Joy to sponsor the Manly-Warringah Sea Eagles rugby league club and the Melbourne City Football Club.
ASIC further alleges that between 14 March 2014 and 5 November 2015, Mr Xenos dishonestly used his position as FAL Healthy Beverages’ CEO by inappropriately using approximately $170,826.95 in company funds to pay legal fees and other costs to annul his bankruptcy.
Additionally, ASIC further alleges that between 14 February 2014 and 15 August 2015, Mr Xenos concealed salary payments that he received as CEO of FAL Healthy Beverages totalling approximately $341,971.36 and did not declare these payments to his bankruptcy trustee.
The matter was heard before the Downing Centre Local Court in NSW on 12 October 2021. Mr Xenos entered a plea of not guilty to all charges and the matter was adjourned to 7 December 2021 for further mention.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ASIC.
Background
Mr Xenos was declared bankrupt from 9 August 2011 to 15 September 2015.
FAL holds the ACN 166 587 640.
It is alleged that Mr Xenos contravened s206A and s184(2) of the Corporations Act 2001. At the time of the alleged offending s206A had a maximum period of imprisonment of 1 year imprisonment and s184(2) had a maximum period of imprisonment of 5 years.
It is also alleged that Mr Xenos contravened s263(1)(a)(i) of the Bankruptcy Act 1966. At the time of the alleged offending s263(1)(a)(i) had a maximum period of imprisonment of 5 years imprisonment.
Editor's note:
On 11 November 2021, this media was updated to reflect that Mr Xenos entered a plea of not guilty to all charges.
Editor's note 2:
On 7 December 2021, the matter was adjourned to 11 January 2022 for further mention.
Editor's note 3:
On 11 January 2022, the matter was further adjourned to 22 February 2022.
Editor's note 4:
The matter was mentioned on 22 February 2022 and adjourned to 22 March 2022 for further mention.
Editor's note 5:
The matter was mentioned on 22 March 2022 and adjourned to 17 May 2022 for further mention.
Editor's note 6:
On 17 May 2022, the matter was adjourned for committal on 14 June 2022.
Editor's note 7:
On 14 June 2022, the matter was adjourned to 26 July 2022 for committal.
Editor's note 8:
On 26 July 2022, the matter was adjourned to 9 September 2022 for committal.
Editor's note 9:
The matter was mentioned on 6 September 2022 and adjourned to 4 October 2022 for committal.
Editor's note 10:
The matter was mentioned on Tuesday 4 October and adjourned again to 25 October 2022 for committal.
Editor's note 11:
The matter was mentioned on 25 October 2022 and adjourned again to 29 November 2022 for committal.
Editor's note 12:
The matter was mentioned on 29 November 2022 and adjourned again to 13 December 2022 for committal.
Editor's note 13:
The matter was mentioned on 13 December 2022 and adjourned again to 21 February 2023 for committal.
Editor's note 14:
The matter was mentioned on 21 February 2023 and adjourned again to 21 March 2023 for committal.
Editor's note 15:
The matter was mentioned on 21 March 2023 and adjourned again to 4 April 2023 for further mention.
Editor's note 16:
On 4 April 2023, the matter was mentioned and listed for trial commencing on 20 November 2023 with a pre-trial mention occurring on 17 October 2023.
Editor's note 17:
The matter was mentioned on 17 October 2023 and adjourned again to 24 October 2023 for further mention. The allegation that Mr Xenos contravened s263(1)(a)(i) of the Bankruptcy Act 1966 was withdrawn and Mr Xenos was charged with an alleged contravention of s265(1)(ca) of the Bankruptcy Act 1966.
Editor's note 18:
The matter was mentioned on 24 October 2023 and adjourned again to 1 November 2023 for further mention.
Editor's note 19:
The matter was mentioned on 1 November 2023 and set down for a further mention on 9 November 2023.
Editor's note 20:
The matter was mentioned on 9 November 2023 and set down for a further mention on 15 November 2023.
Editor's note 21:
The matter was mentioned on 15 November 2023 and set down for a further mention on 21 November 2023. The allocated trial dates of 20, 21 and 22 November were vacated and the trial is now listed to commence on 23 November 2023.
Editor's note 22:
The trial is listed to commence on 24 November 2023 for an estimated five days.
Editor's note 23:
The matter was heard in the Downing Center Local Court from 24 November 2023 to 1 December 2023. The hearing was adjourned and is to recommence from 23 April 2024 to 3 May 2024 with a mention hearing on 12 March 2024, then from 16 September 2024 to 27 September 2024 with a mention hearing on 23 July 2024.
Editor's note 24:
The matter was heard in the Downing Centre Local Court on 16 April 2024 and the hearing is confirmed to recommence on 29 April 2024 for five days.
Editor's note 25:
The matter was heard in the Downing Centre Local Court from 29 April 2024 to 3 May 2024.
Editor's note 26:
The matter was adjourned to 23 August 2024 with a further hearing date listed for 5 August 2024 if required.
Editor's note 27:
On 5 August 2024 Magistrate Horan heard oral argument regarding the voir dire hearing held from 27 November 2023 to 1 December 2023 and from 29 April 2024 to 3 May 2024. The matter was adjourned to 2 September 2024 for decision.”
Editor's note 28:
On 2 September 2024 Magistrate Horan ruled that all objected to documents, being the subject of the voir dire proceedings, were admitted into evidence. The hearing was adjourned to 16 September 2024, with an estimate of ten days.”
Editor's note 29:
The hearing was heard between 16 September 2024 and 4 October 2024. On 4 October 2024 Magistrate Horan reserved her decision in the matter.