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28.05.2005 Business & Finance

Afra Airlines Boss to Appeal ASIC Ban

By Ghanaian Chronicle

The Chief Executive of Afra Airlines, Luke Butler is playing down on the effect of the ban placed on him by the Australian Securities and Investments Commission (ASIC) from managing corporations for three years beginning next month.

ASIC imposed the ban following an investigation into Mr. Butler's involvement with two air charter companies, Global Air Australia and We Both formerly named Global Air Leasing.

According to the ASIC, it found that Mr. Butler had breached the Corporations Act, was involved in management of We Both while he was bankrupt and had transferred an asset to the detriment of one of the companies.

Both companies were later placed into liquidation.

ASIC's Deputy Executive Director of Enforcement, Mark Steward, says the commission took the action in the public interest to protect against present and future misuse of the corporate structure.

But Mr. Butler said that he intends to exercise his right to appeal for a review of the decision.

His legal counsel, Nana Asante Bediatuo also reiterated Mr. Butler's sentiments that the AISC's decision would not have any effect on his business in Ghana.

According to Nana Asante Bediatuo, Mr. Butler's inability to make a personal presentation during the investigations might have led to AISC's decision.

Mr. Butler's efforts to do business in the Ghanaian aviation sector have so far been unsuccessful.

He has been complaining about bureaucratic stumbling blocks and in some cases blatant frustrations by some particular people in the sector.

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