A Sydney-based construction director linked to three collapsed companies leaving a trail of almost $94 million in unpaid debts has been banned by the corporate watchdog.
Anthony Azizi, of Bexley in NSW, has been disqualified by the Australian Securities and Investments Commission for five years for “acting improperly” at the helm of Trinity Constructions, Regal Consulting Services and Trinco.
Azizi admitted to acting as a shadow director of Trinco, satisfying ASIC he acted as director.
The companies owed $93,708,563 to more than 300 unsecured creditors, including the ATO, NSW Office of State Revenue, workers compensation schemes and small businesses.
“ASIC found that Mr Azizi acted improperly and failed to meet his obligations as director,” the regulator said.
It found Azizi failed to ensure the companies met statutory lodgement requirements, maintained financial records or remained solvent.
He also failed to lodge key reports and hand over company books following the wind-up of Regal.
ASIC’s findings were backed by reports from Graeme Beattie of Worrells and Henry McKenna of Vincents, with investigations supported by the Assetless Administration Fund.
Azizi is banned from managing corporations until 14 July 2030.
He retains the right to seek a review through the Administrative Appeals Tribunal.
