Former NewSat CEO fined $15,000 over $357,000 of invoices for services never provided
NewSat Limited · Satellite communications (ASX-listed)
The case in brief
Visible before detection
Checks that could have surfaced it, on hindsight
Ownership / related-party links
A registry search would link Cresta Motor Yachts to the CEO with a 73% interest.
Can mislead when: Nominee directors and offshore layers hide links. Name matching throws up false positives, so every flag shows its evidence path.
Third-party confirmation
The adviser would not confirm having delivered the services invoiced.
Can mislead when: Counterparties can collude or ignore requests. A non-response is logged as a gap, never as a pass.
End-use tracing of funds
Tracing the $357,000 would show $320,000 reaching Cresta Motor Yachts.
Can mislead when: Kubr sees only the company's own accounts. Once money reaches a third party's bank, Kubr can flag the payee but cannot see the next hop without that party's consent.
Bank credits vs books
The bank ledger would show the onward transfer from the accounting firm.
Can mislead when: AA only sees the accounts the company links, so an undisclosed account stays invisible. Cash-heavy businesses and timing differences create false flags.
Where Kubr services would have helped
Borrower monitor
Offered in India- C1 The bank ledger would show the onward transfer from the accounting firm.
- C3 A registry search would link Cresta Motor Yachts to the CEO with a 73% interest.
- C6 Tracing the $357,000 would show $320,000 reaching Cresta Motor Yachts.
Proceeds tracer
Offered in India- C1 The bank ledger would show the onward transfer from the accounting firm.
- C3 A registry search would link Cresta Motor Yachts to the CEO with a 73% interest.
- C6 Tracing the $357,000 would show $320,000 reaching Cresta Motor Yachts.
Financial diligence
Offered in India- C1 The bank ledger would show the onward transfer from the accounting firm.
- C3 A registry search would link Cresta Motor Yachts to the CEO with a 73% interest.
Portfolio monitor
Offered in India- C1 The bank ledger would show the onward transfer from the accounting firm.
- C3 A registry search would link Cresta Motor Yachts to the CEO with a 73% interest.
Mapped from the checks each service runs. A hindsight reading of public records, not a promise that the failure would have been found.
Same pattern
A summary of public documents. It reports what the sources say. It is not Kubr's finding and not a statement of guilt.