Former National Transport Insurance (NTI) MD Trevor Smith, of the Gold Coast, pleaded guilty in the Southport District Court yesterday to 13 charges of dishonestly making improper use of his position.

The Australian Securities and Investments Commission says that while Mr Smith was the MD of NTI, he used his position to gain an advantage for his private companies Noble House Development Corporation Pty Ltd and Kalamata Pty Ltd.

Between November 1998 and September 1999, Mr Smith improperly used his position as a director in order to facilitate loans of over $5.8 million to Noble House and Kalamata.

Mr Smith was released on bail on his own undertaking and will be sentenced at a later date.