Seven of the eight Centro team involved in the company’s controversial financial misconduct allegations have asked the Federal Court to spare them any forms of punishment.

 

Lawyers representing the six non-executive directors and former chief executive Andrew Scott, told the Melbourne court their clients had suffered enough, citing the extensive public attention the case had received.

 

The legal team has argued that the charges, relating to the signing of false and misleading financial accounts in 2007, were a form of “reasonable negligence” and that the men were “desperately unlucky” because of the poor performance of those beneath them.

 

The Australian Securities and Investment Commission (ASIC) is pursuing the charges and want the non-executive directors barred from managerial or directorial positions for between six and 18 months, while also imposing financial penalties of between $30,000 and $60,000.

 

However, ASIC wants ex-CEO Mr Scott barred from executive work for three years as well as a fine of up to $100,000. ASIC also wants former CFO Romano Nenna barred for three years and fined $100,000.