iSignthis has confirmed its chief executive, John Karantzis, has relocated to Cyprus after the Australian Taxation Office lifted a departure prevention order relating to an unpaid $10 million tax bill, The Australian Financial Review (AFR) reports
Mr Karantzis’ relocation to Cyprus follows the demerger of most of iSignthis’ operations into a new company, ISX Financial EU, which is focused on providing services in Europe from a base in Cyprus.
Mr Karantzis has also stepped aside as managing director of the suspended payment company, but will remain as a non-executive director.
“Whilst I’m stepping down as CEO and managing director, I remain committed as a non-executive director to the company, and in particular to holding the ASX Ltd to account for their unprecedented actions against the company and its 10,000 plus retail shareholders,” Mr Karantzis told the AFR, referring to how ASX has suspended trading in iSignthis shares since late 2019.
iSignthis also confirmed it had withdrawn its application with the Australian Prudential Regulation Authority for a purchased payment facility, a type of limited banking licence.
Source: The Australian Financial Review.