28/03/2022 - 15:27

ASIC charges Griffin Coal over financial reports

28/03/2022 - 15:27

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WA mining company Griffin Coal has been charged after allegedly failing to lodge its annual financial reports since 2018.

ASIC charges Griffin Coal over financial reports
WA mining company Griffin Coal has been charged after allegedly failing to lodge its annual financial reports since 2018.

Corporate regulator ASIC has charged Griffin Coal over allegations the WA mining company has failed to lodge its annual financial reports for several years.

ASIC released a statement today, alleging Griffin Coal Mining Company failed to lodge annual reports within the required timeframe for its financial years ending March 31 in 2018, 2019, 2020 and 2021.

ASIC is also alleging Griffin Coal failed to meet the legal requirement of having at least one director who resides in Australia between September 28, 2018 to December 6, 2021.

The matter was heard in Perth Magistrates Court on Friday and was adjourned to May 20.

Griffin Coal, with its operations based in Collie, was initially charged in June for failing to lodge two annual financial reports.

The maximum penalty for failure to lodge full-year financial reports is $126,000 if committed on or after July 1, 2017.

Offences committed on or after March 13, 2019 carries a maximum penalty of $252,000.

The maximum penalty for failing to meet minimum officeholder requirements is $42,000.

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