The media investigation has triggered two separate inquiries from ASIC and four class action law firms are investigating legal actions that Nuix allegedly overstated sales forecasts and breached its continuous disclosure obligations.
In 2012, a year after Mr Doyle became Nuix’s CFO, he lodged documents with the corporate watchdog reporting he had been issued with 50,000 Nuix shares costing him $301,500.
Fast forward three years to December 2015 and Mr Doyle notified ASIC he had sold those same 50,000 Nuix shares to his brother Ross in tax friendly Switzerland in July 2012. This was six weeks before he owned the shares.
Despite having apparently sold the shares to his brother for $326,000 some three years earlier, booking a $24,500 capital gain, Nuix continued to produce internal and external documents which showed Stephen Doyle still owned the shares up until 2015, when their value had jumped to $4 million. In 2017 those shares became 2 million after a one-for-50 share split and buyback.
Even though ASIC had been informed he no longer owned the shares, in 2018 Stephen Doyle was named as owning the shares in a funding approval paper submitted to the Macquarie Investment Committee.
But when the company listed in December 2020, it was Ross Doyle who was listed as Nuix’s 14th largest shareholder with 2 million shares, worth $10.6 million at the $5.31 issue price.
Ross Doyle, an accountant based in the Swiss town of Oberaegeri, is a former CFO of Glencore Coal. He is currently the managing director of renewable energy company GRID Powr (sic). “I’m also a crypto investor and advocate of blockchain and other disruptive mechanisms,” an entry on his LinkedIn profile reads.
Ross Doyle is also a shareholder in Haventec, a company that rents space from Nuix, and co-founded by Tony Castagna, – the co-founder of Nuix. The AFP has previously confirmed a criminal investigation into the dating of a $3000 options package that Dr Castagna turned into an $80 million windfall when the company floated on the Australian Securities Exchange in December last year.
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