CEO a figurehead at Bill Express
The former chief executive officer of Bill Express was not involved in the almost constant movement of cash around the group of companies and did not know directors and executives were racking up big loan accounts with the company, he told the Supreme Court of Victoria yesterday.Ian Christiansen was CEO of Bill Express from the time it floated in 2004 until eight days before it went into administration in 2008.However he told the public examination by the liquidators that he did know about and was not in charge of much of the administration and financial matters of Bill Express because most of the administration and financial work was done by a service provider - Technology Business Systems Pty Ltd.In three years between 2005 and 2008 TBS ran up a loan account with Bill Express of more than $50 million. Some directors and senior executives of Bill Express had loan accounts with TBS that got steadily larger over the same years. The loans were never repaid.TBS is owned by Sandro Di Donato who has told the court that Ian Christiansen and his brother Hal effectively ran his company, which never lodged a tax return or annual report.However the Christiansen brothers were "figureheads" but not directly in charge of the accounting and treasury functions of the Bill Express group, Ian Christiansen told the court yesterday.There was no one single person who was responsible for the accounting and treasury functions of Bill Express he said.Pervious witnesses, including the two financial controllers of Bill Express between 2005 and 2008, have told the court that they were excluded from managing Bill Express' money which was managed by Peter Couper, the chief financial officer of related company On Q, who acted at the direction of Ian and Hal Christiansen."Peter Couper did not answer to me," said Ian Christiansen yesterday, "I had a roving influence over him. He came to me if there was a dispute.""You, Hal and Julian Little ran all the companies in the group didn't you Mr Christiansen?" asked Peter Bick, counsel for the liquidator PPB."We were the figureheads, as for running them that's different," replied Christiansen.The hearing resumes on Monday.