The former director of failed Australian music service, Guvera, has received a hefty penalty by the Australian Securities and Investments Commission (ASIC).

As Fairfax reports, Darren Herft has been banned from managing companies for two years following the failure of seven companies - four of those directly relating to the Guvera Group.

In a statement issued this week, ASIC confirmed the Gold Coast figure's disqualification, with a delegate reporting that Herft "failed to ensure that Guvera Australia met its statutory obligations", "failed to ensure that Guv Services met its statutory obligations" and "did not act in good faith and for a proper purpose in the management of Guv Services" among other findings.

Herft's disqualification took effect on 19 December last year and will run through to 18 December 2021.

Founded in 2008 and launched in 2010, Guvera shut down operations in Australia in order to “focus all efforts in key emerging countries" after it was blocked from a stockmarket listing in July 2016.

Prior to the cease of operations, Guvera reportedly hosted over 14 million users across ten countries.

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