In the Downing Centre Local Court, Magistrate Sweeney committed Mr Fisher to stand trial on three charges of dishonestly using his position to gain an advantage, and one charge of making a statement he knew to be false or misleading, in order to obtain a financial advantage.

ASIC alleges that Mr Fisher acted dishonestly and breached his duties as an officer of Satellite to gain an advantage, by causing $500,000 to be paid from that company to Sydney Skytour Pty Limited (Skytour) in October 1999. 

At Mr Fisher's direction, these funds were recorded in the books of Satellite as a loan to Skytour of $125,000 and a loan of $125,000 to a company related to himself and another Satellite officer. ASIC alleges the Satellite Board of Directors did not approve any of these loans.

Mr Fisher signed an acknowledgement of investment sent by Skytour purporting to confirm that his company had invested a total of $250,000 in Skytour, which ASIC alleges was false and misleading.

The charges were laid on 31 January 2001, following an ASIC investigation into the activities of Satellite, which had an administrator appointed to it on 17 November 2000.

In December 2000 ASIC commenced civil penalty proceedings to obtain pecuniary penalties against Fisher in relation to other alleged breaches of director's duties.

Mr Fisher will appear in the Sydney District Court on Friday 8 June 2001 for arraignment, and is required to report to the Kings Cross Police Station on the first Sunday of each month. 

The Commonwealth Director of Public Prosecutions is prosecuting the matter.

ASIC's inquiries into the float and management of Satellite are continuing.