12 February 2008 
 
Stuart Karim Ariff CA of New South Wales 
 
The Tribunal found a case established that Mr Ariff was liable to disciplinary action in accordance with:

1. By-law 40(e), in that in the New South Wales Supreme Court in Wambo Coal Pty Ltd v Stuart Karim Ariff & 1 Or (2007) Mr Justice White found that:
 
 
(a) as the liquidator of Singleton Earthmoving Pty Ltd (“Singleton”) he was liable to account as constructive trustee for certain moneys received from the plaintiff, with judgment being given against him for $18,150 together with interest. 
 
(b) he had sworn affidavits that he believed that all money received from the plaintiff had been applied to money owing by the plaintiff to Singleton, when he knew that this was not the case. 
 
(c) he had also sworn that Singleton’s MYOB ledgers were kept up to date and were generally accurate, when this was not true. 
 
(d) having found one document which provided a plausible basis for the retention of the moneys, even though he knew the document had not been kept up to date, he wilfully and recklessly failed to make further inquiries for fear of learning that which he did not want to know. 
 

2. By-law 40(j), in that his acts, omissions and defaults which lead to the judgment in 1. above and criticisms of his conduct by Mr Justice White, bring or are likely to bring discredit upon Mr Ariff, the Institute and the profession of accountancy.