Salim Mehajer banned from running a business
OSTENTATIOUS Sydney developer and councillor Salim Mehajer has been banned from running companies until the end of 2018.
It comes as the high-profile Sydney identity hinted on his social media pages that he would leave Australia "to pursue my dream challenges".
He posted an image to his Instagram page with the words "Goodbye Australia"
He later deleted the image.
The corporate regulator ASIC published the decision on Monday, after Mr Mehajer attempted to quietly fight an earlier ban from ASIC in late 2015.
Mr Mehajer was first given a three-year ban on managing a corporation on November 5, 2015 but four days later on November 9, he appealed the ruling.
On top of simply launching an appeal to the decision, Mr Mehajer also sought orders that stopped the regulator from revealing both the ban and the pending challenge.
Last month, the appeal was upheld and the ban now applied.
The latest decision by the Administrative Appeals Tribunal backed ASIC, finding that it would give Mr Mehajer time to properly learn the duties of a director of a company and what obligations he has to the people he deals with.
It was also appropriate to "protect the public" according to an ASIC statement.
AAT affirms ASIC's three-year ban on former Sydney director Salim Mehajer https://t.co/dt3j6pgHpL— ASIC Media (@asicmedia) September 5, 2016
The way Mr Mehajer dealt with creditors and legal obligations in a "cavalier" fashion, the AAT found.
ASIC Commissioner Greg Tanzer welcomed the AAT finding, saying: "ASIC's power to disqualify directors of failed companies is an important preventative measure we use to safeguard the public interest."
The suppression order that kept the matter secret was lifted on September 2 at midnight.
Mr Mehajer will be eligible to run a business from November 5, 2018.