Former Guvera CEO banned from managing companies
Written on the 14 January 2020 by Business News Australia
Darren Herft, the former CEO of music streaming platform Guvera, has been banned from managing corporations for a period of two years by the Australian Securities and Investments Commission (ASIC).
Herft's ban follows the failure of four companies within the Guvera group which collapsed in June 2017.
Guvera was founded in 2008 by Claes Loberg, and Herft assisted in raising $180 million over four years as the pair sought to commercialise the service.
The collapse followed a failed attempt to list the music streaming company on the Australian Stock Exchange.
Its planned IPO was criticised by prominent Australian tech entrepreneurs, including Atlassian co-founder Mike Cannon-Brookes, and the ASX exercised its discretion to knock back the venture.
On 27 June 2016, Guvera Australia and Guv Services, two companies that Herft was a director of, were placed into administration and later entered into liquidation.
Herft's disqualification from managing companies for two years was determined by ASIC to be appropriate for five reasons:
Herft's disqualification will remain in effect until 18 December 2021.
Business News Australia
Author: Business News Australia