Former CEO and director of FAL Healthy Beverages (FAL HB), Efthymios (Tim) Xenos, has been sentenced in the Downing Centre Local Court at Sydney to a term of imprisonment for 18 months to be served by way of an Intensive Corrections Order (ICO), after being found guilty in March of spending more than $100,000 worth of company funds to pay for his personal legal and bankruptcy expenses. The case has taken almost a decade to resolve.
FAL Food and Beverages is the owner of coconut water brand Coco Joy as well as Juiced Up, Aqua Ball, Fruitzee, Iso Boost and Hi-Pro Boost brands.
Xenos was declared bankrupt from 9 August 2011 to 15 September 2015, disqualifying him from managing a corporation, but nevertheless undertook the positions of director and CEO at FAL HB.
Source: timxenos.co
Xenos was initially charged by ASIC on 12 October 2021, entering a plea of not guilty to all charges. The matter was heard in the Downing Centre Local Court from 24 November 2023 to 1 December 2023, 29 April 2024 to 3 May 2024 and from 16 September 2024 to 4 October 2024.
He was found guilty on 27 February 2025 of making business decisions while disqualified from managing a corporation, using his position dishonestly with the intention of gaining a financial advantage of approximately $111,392 for himself, and failing to fully and truly disclose information to his bankruptcy trustee.
Magistrate Susan Horan found Xenos guilty of offences against sections 206A(1)(a) and 184(2) of the Corporations Act 2001 and section 265(1)(ca) of the Bankruptcy Act 1966.
Her Honour stated Xenos demonstrated a lack of contrition and insight into his offending and that no other sentence but imprisonment was appropriate. An additional condition of the ICO stated Xenos will be required to perform 200 hours of community service work.
As a result of his conviction Xenos is automatically disqualified from managing companies for five years until 27 February 2030.
On 9 May 2025, Xenos filed an application to appeal the decision of the Local Court on an All Grounds (conviction and sentence) basis.
According to his LinkedIn profile, Xenos is currently acting as Director of Food and Beverage at Concept Beverages, based in Wangara, Western Australia. The company, described as a B2B supplier of premium beverage solutions, confirmed this on Instagram within the last week.
