Dubber CEO barred from leaving Australia
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The news: The corporate regulator has secured a court order barring the suspended chief executive of embattled ASX-listed software company, Dubber, from travelling outside Australia.
The numbers: The Australian Securities and Investments Commission (ASIC) said Stephen McGovern, managing director and CEO of Dubber Corp, and Mark Madafferi, solicitor and principal of North Melbourne law firm, Christopher William Legal, were both restrained from leaving Australia until 13 September 2024.
The context: ASIC commenced an investigation on 1 March after Dubber informed the regulator that it had suspended McGovern after $26.6 million in funds were found to be missing.
The regulator said McGovern and Madafferi may have breached the Corporations Act through the misuse of Dubber term deposit funds or one of its subsidiaries, which were held on trust by Madafferi.
Last week, the AI-powered call recording company secured a temporary $5 million secured loan from Alex Waislitz’ Thorney Investment Group, its largest shareholder, for interim funding.
The source: ASIC
