Karl Suleman has finally been forced to face fraud charges stemming from the AU$60 million investment scam based around KSE and the Froggy group of companies.
The Supreme Court today banned failed entrepreneur Karl Suleman from ever managing a corporation, five months after ASIC won a ruling to freeze his assets and prevent him from operating the Karl Suleman Enterprises (KSE) and the Froggy group of companies.
Monday's announcement that ASIC was seeking to join a series of the Froggy companies in its proceedings against KSE have been met with a strongly worded letter accusing ASIC of a -serious error in judgement", composed by Karasmanis.
In an attempt to avert the forced sale of Froggy ISP and Froggy Mobiles, John Karasmanis, the man charged with making Froggy profitable, has presented the liquidators with a -business plan" which is understood to include a -compromise of debt".
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