Three former Irexchange Limited (IRX) executives today appeared in the Downing Centre Local Court charged with breaches of the Corporations Act (the Act) following an ASIC investigation.
Former Chief Executive Officer Brett Charlton and former Chief Financial Officer Brett Coventry were charged with one count of providing false or misleading information to ASIC contrary to section 1308(2) of the Act.
Former IRX Company Secretary and Legal Advisor Anand Sundaraj was charged with two counts of providing false or misleading information to shareholders and the Australian Securities Exchange respectively contrary to section 1308(2) of the Act, one count of making a false or misleading statement to ASIC contrary to section 1309(1) of the Act, and one count of aiding and abetting the offences charged against Mr Charlton and Mr Coventry.
The charges relate to conduct that allegedly occurred between 20 July 2018 and 14 February 2019, concerning an agreement regarding the shares of the founders of IRX and information about the nature of IRX’s business in the prospectus lodged with ASIC.
Each offence carries a maximum penalty of five years’ imprisonment or 200 penalty units ($42,000) or both.
Mr Sundaraj, Mr Charlton and Mr Coventry are next due to appear before the Local Court of New South Wales on 29 April 2025.
The matter is being prosecuted by the Office of the Director of Public Prosecutions (Cth) following a referral from ASIC.
Background
On 10 May 2016, IRX was incorporated as an unlisted public company under the name of Netget Limited. On 27 November 2018, the name was changed to IRX.
IRX developed a technology platform that aimed to connect independent retailers and suppliers to manage inventory via a low-cost flow-through fulfilment model. The technology was designed to facilitate trade in the fast-moving consumer goods sector by reducing costs and delivering cheaper goods.
On 22 October 2019, IRX went into external administration.
Editor's Note 1:
On 29 April 2025, the matter was mentioned at the Downing Centre Local Court where it was confirmed that charge certification will be on 24 June 2025, when the matter will be back before the same court.
Editor's Note 2:
On 24 June 2025, the matter was mentioned at the Downing Centre Local Court, John Maddison Tower, where the deadline for charge certification was extended to 29 July 2025, when the matter will be back before the same court.
Editor's Note 3:
On 29 July 2025, the matter was mentioned at Central Local Court, Sydney, where it was adjourned for a further two weeks for charge certification and will be back before the same court on 12 August 2025.
Editor’s Note 4:
On 12 August 2025, the matter was mentioned at the Downing Centre Local Court, John Maddison Tower, where charge certification was confirmed, including an additional charge relating to Brett Coventry, contrary to s 1308(2) of the Corporations Act 2001. The matter will be back before the same court on 9 September 2025, for a Committal hearing.
Editor’s Note 5:
On 9 September 2025, the matter was mentioned at the Downing Centre Local Court, Sydney where the Court set a timetable for the filing of applications and submissions under s 82 of the Criminal Procedure Act 1986 (NSW) and the matter is next listed for mention on 4 November 2025.
Editor’s Note 6:
On 4 November 2025, the matter was mentioned at the Downing Centre Local Court, Sydney where the Court set a timetable relating to witness examinations pursuant to s 82 of the Criminal Procedure Act 1986 (NSW). An initial hearing will be held on 1 June 2026 followed by witness examinations on 10-11 August 2026. The matter is listed for status update on 16 December 2025.