Salvatore ‘Sam’ Sgherza expected to plead guilty to four counts of breaching the Bankruptcy Act

Property developer Salvatore ‘Sam’ Sgherza is expected to plead guilty to criminal charges filed in a long-running bankruptcy case, a court has heard.

Salvatore ‘Sam’ Sgherza leaves the Adelaide Magistrate Court on Monday — the court heard he had agreed to plead guilty on four counts of acting illegally before his bankruptcy in 2012. Picture: Tricia Watkinson

• Sam Sgherza was charged with Bankruptcy Act breaches
• He then put South Tce’s historic Davaar House on the market
• And lost control of a $35 million city apartment tower

Property developer Salvatore ‘Sam’ Sgherza is expected to plead guilty to amended criminal charges filed in a long-running bankruptcy case, a court has heard.

Sgherza, 56, was facing 46 criminal charges of breaching the Bankruptcy Act, following an investigation by the Australian Financial Services Authority.

Among the allegations, first reported by The Advertiser, were that Sgherza had withdrawn $146,800, and “disposed of” $128,000, with the intention to defraud creditors just weeks before declaring himself bankrupt on August 30, 2012.

He was also accused of taking out bank loans knowing he would be unable to pay the debts and made false declarations in his bankruptcy petition.

The Adelaide Magistrates Court heard on Monday that Sgherza, who was charged in June 2016, would plead guilty to four amended summary offences.

A summary offence carries a maximum sentence of up to two years’ jail or a maximum $120,000 fine.

Sam Sgherza at one of his developments, Crown Marina at North Haven, in 2011.

A spokeswoman for the Commonwealth Director of Public Prosecutions would not provide details of the alleged offences as the final charges had not been formally filed with the court.

She said the charges would be filed before a May 27 hearing where she said Sgherza is expected to formally enter guilty pleas.

SA Police earlier this year dropped 12 charges against Sgherza over allegations he had stolen $1.22 million from investors of a property investment syndicate.

Sgherza is the developer of projects including West Lakes’ Infinity Waters, Crown Marina at North Haven and August Towers on South Tce in the CBD.