14/10/2013 - 12:58

Perth miners slugged with ASIC fines

14/10/2013 - 12:58

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The corporate watchdog has issued fines to two Perth miners for failing to comply with their obligations.

Perth miners slugged with ASIC fines

The corporate watchdog has issued fines to two Perth miners for failing to comply with their obligations.

Malaga-based Black Earth Resources was fined $18,000 for allegedly failing to hold annual general meetings or provide annual reports between the 2008-09 and 2011-12 financial years.

Black Earth pleaded guilty to all 12 charges and was charged in the Perth Magistrates Court.

"Public companies must do the right thing and lodge their statutory reports," ASIC commissioner Greg Tanzer said.

"If they don't, ASIC will be asking questions."

Separately, Central Asia Resources has paid a $33,000 penalty for failing to comply with continuous disclosure requirements.

Central Asia allegedly failed to immediately inform the market that its monthly gold equivalent production figures had changed from the company's initial announcements.

The Corporations Act provides that paying infringement penalties is not an admission of guilt or liability.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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