Perth mining boss Michael Fotios has this morning resigned from the chairmanship of two of his listed entities after yesterday being declared bankrupt.
Both Redbank Copper and Horseshoe Mining revealed in statements that Mr Fotios had resigned as chairman effective immediately, but neither company provided a reason for his departure.
Mr Fotios is disqualified from acting as a director after the Federal Court yesterday ordered his estate be sequestrated under the Bankruptcy Act, following an application by the Deputy Commissioner of Taxation.
The bankruptcy follows a long-running battle with the Australian Taxation Office over unpaid taxes.
WestBusiness reported in February that Mr Fotios had been fined $51,500 in the Perth Magistrate’s…