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06-073 Two former directors face superannuation fraud charges

Friday 10 March 2006

Mr Karl Heinz Hermann Veljkovic, of Berwick in Victoria, and Mr Barry John Patrick, of Pakenham in Victoria, appeared in the Melbourne Magistrates Court today to answer fraud charges following an investigation by the Australian Securities and Investments Commission (ASIC).

ASIC alleges that Mr Veljkovic, 67, was knowingly involved in operating a financial services business, Teilis Financial Services Pty Ltd (now in liquidation), without a licence. ASIC alleges investors were induced to rollover their superannuation benefits into self-managed superannuation funds. It is alleged those funds were misused to support other companies and businesses associated with Mr Veljkovic and Mr Patrick, 63, in particular the operation of petrol stations in the Gippsland towns of Moe, Morwell, and Rawson.

Other charges relate to the circumstances in which various loans and other forms of financial accommodation were obtained by companies associated with Mr Veljkovic and Mr Patrick.

Mr Veljkovic has been charged with:

Mr Patrick has been charged with: Mr Patrick reserved his plea in relation to all of the charges and was committed to stand trial in the Country Court in Melbourne on 28 April 2006. Mr Patrick was granted bail by the Court.

Mr Veljkovic was not required to enter pleas to the charges against him on this occasion and will next appear in the Melbourne Magistrates Court for a contested committal hearing on 21 August 2006.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.


The six companies operated by Messrs Veljkovic and Patrick were Teilis Financial Services Pty Ltd, Aarosonic Credits Limited, Supatrust Finance Ltd, Pacific Petroleum Services Pty Ltd, H.B.L Holdings Pty Ltd, and Texol Petroleum Services Pty Ltd.

On 12 October 2001, ASIC successfully applied for Federal Court orders appointing a liquidator to the six companies, and restraining Messrs Veljkovic and Patrick and their wives from:

The liquidator advised that there were insufficient funds available for any return to the investors.

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