The Commonwealth Director of Public Prosecutions has withdrawn charges against Peter Challis, the former CEO of WAW Credit Union, based in Albury.
Following an ASIC investigation, in late 2018 Challis was charged with one count of failing to discharge his duties in good faith in the best interests of a corporation.
The charges related to an apparently rigged electronic election for two board vacancies in late 2015.
ASIC said the charges were withdrawn “after Judge Sarah Leighfield of the County Court of Victoria found, in a pre-trial ruling, that Mr Challis did not have a relevant duty at law in the circumstances of this case”.
In light of the ruling, the DPP withdrew the charges and Challis was discharged by the judge.
In early 2018, Neil Evans, a Wodonga financial adviser, pleaded guilty in the Melbourne Magistrates' Court to unauthorised voting in the WAW board election.
Evans was placed on a 12-month good behaviour bond and prohibited from giving financial advice to WAW customers.
Challis' 20-years’ service as WAW CEO ended in September 2016.
With A$660 million in assets, the credit union now trades as BankWAW.