THE Note was pleased to see an Australian Securities and Investments Commission release entailing prosecutions over the past three months detailing that, out of 109 successful prosecutions of company officers for 203 contraventions of the Corporations Act, only two were from Western Australia. The first to be convicted was Kevin Pollock, who according to ASIC was charged with not releasing reports under the Corporations Legislation, and fined $1,000 plus costs. Zorro’s Restaurants Pty Ltd was also convicted, on four counts of failure to keep financial records that correctly recorded and explained its financial position and performance, and was fined $4,000 plus costs. One does have to wonder however, if the lack of prosecutions in WA are a sign of success or failure.
