Melbourne software firm Dubber smashed on return to trade amid ‘missing’ $30m investigation

A Melbourne tech firm investigating where a missing $30 million went has resumed trade on the Australian Securities Exchange after six-week hiatus, with investors driving the stock down to a 10-year low. Cloud-based telco call-recording firm Dubber has been rocked in recent months as its co-founder and chief executive was stood down and then sacked after $30m from a third-party term deposit went missing. The company went into a trading halt in late February at 13.5¢ a share. The stock resumed trading on Wednesday but closed at just 6.1¢, wiping $42.3m from the company’s value. Issues at Dubber emerged when an audit found $30m supposedly being held by Christopher William Legal in a term deposit was missing. Dubber CEO and co-founder Steve McGovern was then suspended. Last month, the company told the ASX that about $3.4m had been recovered, with $26.6m outstanding. “From the investigation conducted to date, it is alleged that Mr McGovern and the trustee were likely involved in the unauthorised use of those funds, including for purposes which were not for the company’s benefit,” the company announced last week as it sacked Mr McGovern. ASIC and Dubber are running their own investigations. The financial regulator sought, and the courts granted, a ban on Mr McGovern and Christopher William Legal principal Mark Madafferi from leaving the country. Mr Madafferi’s legal representatives declined to comment. Mr McGovern’s counsel did not respond.