Edward Harold Pye has admitted his role in a $575,000 business rip-off.
Edward Harold Pye has admitted his role in a $575,000 business rip-off. Ross Irby

Transport boss misappropriated $575k from business

A SOUTHEAST Queensland executive admits misappropriating $575,000 while he was running a Gatton-based transport company.

Fairney View local Edward Harold Pye was due to face a trial in Brisbane District Court on Monday.

However, the trial was discontinued after Pye agreed to plead guilty to two charges of breaching his duties while the sole director of ERH Transport Services Pty Ltd.

Pye dishonestly used his position to transfer $575,000 of the company's funds to himself and to another person who was not named in Monday's court proceedings.

The offending happened in 2014 but Pye was not charged until mid-2018 with two counts of dishonestly using his position with the intention of directly or indirectly gaining an advantage for himself or someone else under section 184 of the Corporations Act.

Worrells Solvency and Forensic Accountants was appointed as liquidators of the business in July 2014.

Worrells alerted the Australian Securities and Investment Commission to the misappropriation of ERH funds and charges followed.

Pye pleaded guilty to both charges on Monday and will remain on bail while he waits for his sentence next week.

- NewsRegional