WA: Court told of extraordinary attempts to cover $1.2b fraud

AAP General News (Australia)
08-05-2004
WA: Court told of extraordinary attempts to cover $1.2b fraud

A Perth court's heard details of the elaborate lengths ALAN BOND and his corporate
lieutenants went to in order to disguise an alleged $1.2 billion fraud.

The Supreme Court has been told TONY OATES, a former executive director of the Bond
Corporation, consistently abused his powers as director of two other companies to benefit
BOND's labyrinthine corporation.

The jury's also been told Australia's financial regulator was lied to in order to cover
up the stripping of hundreds of millions of dollars from Bell Resources to prop up BOND's
empire.

After acquiring a controlling interest in Bell Resources, it's alleged OATES, along
with BOND and fellow directors, conspired to funnel massive amounts of cash into the Bond
Corp coffers.

OATES has denied one charge of conspiring to defraud Bell Resources, and seven charges
of failing to act honestly in his position as director of Bell Resources and Freefold.

He faces seven alternate charges.

The trial continues.

AAP RTV tc/hn/lma/rp

KEYWORD: OATES (PERTH)

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