A Criniti’s restaurant will still open in Wollongong in July despite the company’s founder Frank Criniti being disqualified from managing companies for the next five years.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Australian Securities and Investments Commission (ASIC) announced last Friday that the disqualification related to his involvement in seven failed companies which owed creditors $3.5 million.
A new senior leadership team was recently appointed to steer the company forward.
A spokesperson confirmed this week that the opening of two new restaurants including Wollongong in July will go ahead.
It was also revealed an advisory board will advise the Criniti's Group and its restaurants during the planned growth phase starting in Wollongong.
The spokesperson said the ASIC disqualification of Mr Criniti from managing a corporation for five years related to "entities he was a director of some time ago that were not in connection with the current group of Criniti’s restaurants".
"Early in his career as a young restaurateur, Mr Criniti was involved with these companies and acted on advice received at the time," they said,
"Mr Criniti has fully cooperated with ASIC in respect of this matter and learnt an immense amount in the process working tirelessly with his team to rectify any outstanding personal administrative issues".
The new leadership team plans to retain the ethos of providing authentic Italian cuisine and experiences.
The brand started in 2003 with the opening of Criniti's Parramatta before growing to six restaurants in NSW and two in Victoria.
The spokesperson said the Criniti's leadership team was looking forward to the opening of the newest restaurant facing Keira Street in Wollongong in July. That will closely be followed by Perth.
"Our focus has always been our hospitality towards a loyal customer base, sharing traditional Criniti’s family recipes," they said.
The ASIC announcement 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, 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 was given permission by ASIC to continue managing six companies until July 30 for “a limited purpose”.
Frank Criniti is not listed as a director for Crinitis Wollongong Asset Holding.