Corporate Travel Management has announced the departure of its long-serving chairman Tony Bellas.
Tony Bellas’ departure after almost 10 years of service as Corporate Travel Management’s chair comes days after the company was queried by the ASX about a large court-ordered transfer of shares, as reported by The Australian.
The Australian reported that more than 180,000 shares in the company, worth $4.5 million, had been transferred from a super fund whose beneficiaries included Bellas and his ex-wife Maria Bellas.
Business News Australia reported the transfer occurred as part of Bellas’ divorce proceedings, with a court ordering the funds be transferred and signed for to ensure the future transfer of those shares. The transfer, however, has been put on hold.
Tony Bellas reportedly believed the court order contained an ‘error’ that would delay the transfer of shares; however, the shares were allegedly transferred in February, while Bellas said this happened without his knowledge.
Ewen Crouch is set to take over as chairman of Corporate Travel Management effective immediately.