ASIC Disqualifies Mohamad Elriche from Managing Companies for 5 Years

The Australian Securities and Investments Commission (ASIC) today announced that it has disqualified Mohamad Elriche of Bass Hill, NSW, from managing companies for five years due to his involvement in the failure of three companies.

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Between 2017 and 2020, Mr Elriche was a director of three companies:

• Bob Construction Pty Ltd ACN 621 274 913 (Bob Construction);

• Precise Structure NSW Pty Ltd ACN 620 197 953 (Precise Structure); and

• PS Scaffold Pty Ltd ACN 621 237 376 (PS Scaffold).

In making its decision, ASIC found that Mr Elriche failed to:

• understand the role and exercise the duties of a director with due care and diligence in respect of Bob Construction and Precise Structure;

• take all reasonable steps to comply with the obligation to keep written financial records in respect of Bob Construction;

• ensure that all books in his possession were delivered to the liquidator in respect of Bob Construction; and

• prevent Bob Construction and Precise Structure from incurring debts totalling more than $2.4 million and more than $1.5 million, respectively when the companies were and should have been known to be insolvent.

At the time of ASIC's decision, the three companies owed creditors more than $9 million, of which at least $2.5 million is owed to the Australian Taxation Office.

Mr Elriche is disqualified from managing corporations until 12 August 2026.