A sydney builder owing $93m in debt has been banned for five years by the Australian Securities and Investments Commission (ASIC).
ASIC announced on Friday construction director Anthony Azizi, based in NSW, would be disqualified from managing corporations until July 14, 2030.
The decision comes after a trio of construction company collapses, which Mr Azizi was involved in.
He worked as the director of Trinity Constructions and Regal Consulting Services and as a shadow director of Trinco between January 2001 and September 2021.
All three companies have since collapsed, taking with them a total of $93,708,563 racked up in debt to more than 300 unsecured creditors.
This included statutory debts owed to Australian Taxation Office, NSW Office of State Revenue, Workers Compensation Nominal Insurer, Department of Employment and Workplace Relations in relation to the Fair Entitlements Guarantee, and the NSW Self Insurance Corporation.
Several small businesses are also owed money.
ASIC’s decision said it found Mr Azizi to have “acted improperly and failed to meet his obligations as director” through a number of ways.
These included failure “to exercise due care and diligence to ensure that the companies met their statutory requirements,” how…