Former director jailed for stealing $2.2m and false ASX filings; co-director also sentenced
Continental Coal Ltd / Citation Resources Ltd · ASX-listed coal and resources companies
The case in brief
Visible before detection
Checks that could have surfaced it, on hindsight
Bank credits vs books
Direct bank evidence would show $117.55 where a statement showed $675,658.
Can mislead when: AA only sees the accounts the company links, so an undisclosed account stays invisible. Cash-heavy businesses and timing differences create false flags.
Document authenticity / direct pull
Pulling statements direct from the bank would expose the forged document.
Can mislead when: The company can refuse consent, and a refusal is itself a flag. Some banks and co-op banks are not on AA yet.
End-use tracing of funds
Tracing the $2.2 million would show it moving to the director and related entities.
Can mislead when: Kubr sees only the company's own accounts. Once money reaches a third party's bank, Kubr can flag the payee but cannot see the next hop without that party's consent.
Regulatory & litigation records
The standstill deed and ASX filings could be cross-checked with court and ASIC records.
Can mislead when: Court records lag and name spellings vary. A clean record can mean the problem has not reached court yet.
Where Kubr services would have helped
Borrower monitor
Offered in India- C1 Direct bank evidence would show $117.55 where a statement showed $675,658.
- C6 Tracing the $2.2 million would show it moving to the director and related entities.
- C8 The standstill deed and ASX filings could be cross-checked with court and ASIC records.
Financial diligence
Offered in India- C1 Direct bank evidence would show $117.55 where a statement showed $675,658.
- C5 Pulling statements direct from the bank would expose the forged document.
IC note
Offered in India- C5 Pulling statements direct from the bank would expose the forged document.
- C8 The standstill deed and ASX filings could be cross-checked with court and ASIC records.
Portfolio monitor
Offered in India- C1 Direct bank evidence would show $117.55 where a statement showed $675,658.
- C8 The standstill deed and ASX filings could be cross-checked with court and ASIC records.
Mapped from the checks each service runs. A hindsight reading of public records, not a promise that the failure would have been found.
Same pattern
A summary of public documents. It reports what the sources say. It is not Kubr's finding and not a statement of guilt.