Pizza boss Frank Criniti, whose eponymous restaurant chain is opening a Wollongong outlet on Keira St, has been disqualified from managing companies for the next five years.
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The Australian Securities and Investments Commission (ASIC) announced Mr Criniti’s disqualification on Friday, saying it was the result of his involvement in seven failed companies.
The companies owed creditors a total of $3.5 million, ASIC said.
This followed the appointment of liquidators to seven companies Mr Criniti managed or acted as a de facto director: Ozdime, Auswide Auto Wholesalers, Freddaisy, Global Hospitality, Rackforce, Diamondwish and Frank Masons.
The corporate regulator said Mr Criniti. of Castle Hill, had improperly used his position to gain advantage, given false information to authorities, and failed to prevent some companies from potentially trading while insolvent.
He also allegedly failed to pay tax and keep proper financial records, failed to monitor company operations, and failed in his duty as a director, ASIC said.
Mr Criniti was given permission by ASIC to continue managing six companies until July 30 for “a limited purpose”: Criniti’s Pantry (Castle Hill), Criniti’s (Darling Harbour), Criniti’s (Woolloomooloo), Jade’ N Belle, Criniti’s Woodfire Pizza, and Givana Prestige.
As well as opening in Wollongong, which is expected soon, Criniti’s is also expanding to Perth.
Frank Criniti is not listed as a director for Crinitis Wollongong Asset Holding Pty Ltd, the company which holds the provisional liquor licence for the family business's soon-to-be opened Keira Street outlet.