Radisson Maine CEO pleads guilty

THE former chief executive of failed property company, RAN Holdings International Ltd, has pleaded guilty to fraud charges.

Robert Bassili, the former director of Radisson Maine Property Group (Australia) Pty Ltd and former chief executive of RAN Holdings International Ltd pleaded guilty to three charges in the Sydney District Court following an Australian Securities and Investments Commission (ASIC) investigation.

On November 28 2004, the New South Wales Supreme Court ordered that RAN Holdings International and its main subsidiary, Radisson Maine Property Group (Australia) be wound up.

RAN Holdings International and Radisson Maine Property Group were involved in raising money from the public for property development in Victoria when the companies were placed in liquidation.

Bassili was arrested in London on in May last year and extradited to Australia to face the charges.

He pleaded guilty to one count of dishonest conduct under the Corporations Act, after it was alleged that he received $200,000 from two investors and did not invest the money as promised.

Bassili also pleaded guilty to two counts of fraudulently omitting to account for a further $105,000 raised from two investors for the purpose of purchasing property in Victoria.

Bassili has been in custody since his arrest in London and will be sentenced in the Sydney District Court on July 17 2008.

Australian Property Journal