Chemeq to pay $500,000 fine

ASIC proceedings against biotech company Chemeq Ltd have been resolved, with the Federal Court today approving the ASIC-suggested penalty of $500,000, payable by Chemeq, in relation to proceedings against the company.

The fine, related to the two contraventions of the act agreed to by all parties, is payable within 14 days.

Chemeq's full stock market announcement is pasted below

Chemeq Limited (ASX: CMQ) announced on 29 June 2006 that it had reached a settlement with the Australian Securities & Investments Commission (ASIC) in relation to ASIC's proceedings against the Company alleging contraventions of the continuous disclosure requirements of the Corporations Act (Act).

The Federal Court today determined a total penalty of $500,000 is payable by Chemeq in relation to the two agreed contraventions of the Act.

Chemeq has 14 days in which to pay the penalty.

Todays judgement finalises the proceedings commenced by ASIC against the company on 22 December 2004.