The corporate watchdog has issued fines totaling more than $700,000, within six months, against companies that failed to comply with financial reporting requirements.
The corporate watchdog has issued fines totaling more than $700,000, within six months, against companies that failed to comply with financial reporting requirements.
The Australian Securities and Investments Commission announced it has prosecuted 36 companies in Australia between January 1 to June 30 this year.
Fremantle-based telecommunications company TV2U International was fined for failing to lodge financial reports, including those required for the 2021 and 2022 financial years, and half-year reports.
ASIC also fined TV2U for failing to report to members and hold an annual general meeting in 2021, for failing to have a company secretary and maintaining the required number of directors and resident directors.
TV2U was fined a total of $110,000.
The biggest fine issued in the first half of 2023 was to ALT Financial Group, based in Sydney, at $123,000 for failing to lodge annual financial reports from 2019 to 2021, not holding AGMs from 2018 to 2021, and failing to maintain the minimum company directors.
RMG Ltd was convicted and fined $105,000 for failing to lodge financial reports between 2020 and 2022 and a half-year report in 2020, and failing to have a company secretary.
The Subiaco exploration business was also found to have failed to maintain the required number of directors and resident directors.
ASIC fined Perth company Ausgold $40,000 for failing to lodge annual financial reports from 2017 to 2020.
West Perth-based AustSino Resources Group, formerly Padbury Mining, had to pay $31,000 in reparation to ASIC for failing to lodge financial reports and hold an AGM in 2020.
Tech start-up Soar.Earth in Belmont was fined $25,000 for failing to lodge annual financial reports from 2019 to 2022, while West Perth transportation company Watco International Pty Ltd was fined $16,000 for failing to lodge reports from 2017 to 2020.
Related entity Watco WA Rail Pty Ltd was fined $8,000 for not submitting annual financial reports from 2017 to 2020.
ASIC launched action against Western Australian Coal Terminal Pty Ltd for allegedly failing to lodge financial reports from 2017 to 2020 and failing to have at least one resident director.
However, the charges against the West Perth company were dismissed.
ASIC said the companies were prosecuted summarily in local and magistrates’ courts.
