Documents relating to ASIC's disqualification of Simon John Raftery from managing corporations

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ASIC has released a notice of disqualification and reasons for decision dated 30 June 2025, issued by delegate Phillip Mines, disqualifying Simon John Raftery from managing corporations for two years and six months under s206F of the Corporations Act 2001. The release also includes the 15 August 2024 notice to demonstrate why disqualification should not occur, hearing guidance, and an extract of s206A. Mr Raftery was director of five failed food-sector companies (Aussie Frozen Fruit and four In2Food entities) linked to Remagen Capital Management, which funded them. ASIC's concerns were insolvent trading under s588G, record-keeping under s344(1) and failure to lodge Business Activity Statements under s180. The delegate found a s588G breach for Aussie Frozen Fruit, did not uphold the s344(1) concern, and made no finding on In2Food. ASIC alleged no fraud or dishonesty. Proof of debts for Aussie Frozen Fruit totalled about $6.2 million, and investors are expected to recover no more than 50 cents in the dollar.