Former Legacy boss pleads guilty to $750k theft

The former boss of Perth-based Legacy Iron Ore has pleaded guilty to siphoning more than $725,000 from the ASX-listed explorer almost a decade ago, following a probe by the corporate watchdog.

It is alleged the former managing director Sharon Kia Le Heng organised 13 electronic transfers from Legacy’s bank accounts to Regency Infrastructure totalling $725,639 over an 18-month period.

The Australian Securities and Investments Commission claims the transfers were concealed from the company’s board and used for Ms Heng’s own benefit.

Former Legacy bookkeeper and co-accused Karen Kwan has also been charged.

Ms Heng resigned as the company’s managing director in late 2014 after a review of the company’s finances found she owed the firm hundreds of thousands of dollars.

Her departure came almost one year after the alleged offenses occurred.

At the time, Business News reported the company had not disclosed what the outstanding transactions related to.

The matter, which is being prosecuted by the federal director of public prosecutions, has been scheduled for a sentence mention in the District Court on September 23.

The charge carries a maximum penalty of 10 years' jail.