Former Legacy Iron Ore managing director sentenced for stealing

On 9 February 2023, Sharon Kia Le Heng of Perth, Western Australia, was convicted and sentenced in the Perth District Court for stealing $725,639.50 from Legacy Iron Ore Limited (Legacy), a publicly listed entity. 

Ms Heng was sentenced to three years’ imprisonment, wholly suspended for two years.

Ms Heng was the founding director of Legacy and the Managing Director from April 2007 to October 2014.  

Between 28 June 2012 and 6 November 2013, Ms Heng instigated 13 transfers from Legacy’s bank accounts to the bank account of Regency Infrastructure Pty Ltd (Regency) in circumstances where there was no lawful purpose.  

Ms Heng concealed the transfers from the Legacy board and went on to use the funds transferred to Regency for her own benefit. 

As a result of the conviction, Ms Heng has been disqualified from managing corporations for five years.

The Commonwealth Director of Public Prosecutions prosecuted this matter after a referral of a prosecution brief by ASIC.

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