The Australian Securities and Investments Commission (ASIC) prosecuted 36 companies between 1 January and 30 June2023 because they had failed to lodge financial reports, hold annual general meetings (AGMs), and maintain the required number of directors and resident directors.
The commission secured over $700,000 worth of penalties from the 36 companies.
Three of the companies prosecuted by ASIC faced fines of more than $100,000. These were ALT Financial Group Ltd, TV2U International Ltd, and RMG Ltd.
ALT Financial Group Ltd, an asset management firm, incurred $123,000 worth of fines because it had not been able to lodge its annual reports and hold AGMs between 2018 and 2021. It had lacked the required minimum number of company directors.
TV2U International Ltd, a corporate telecommunications company, was fined $110,000 because it was unable to lodge its annual financial reports for the financial years of 2021 and 2022 as well as the half-year financial reports for 31 December 2020 and 2021.
It also did not report to its members or hold an AGM in 2021 and had also failed to have a company secretary, as well as not maintaining the required number of directors and resident directors.
RMG Ltd, a resources exploration business, was convicted and fined $105,000 as it failed to lodge three annual financial reports for the 2020 and 2022 financial years as well as a half-year financial report for 31 December 2020. Like TV2U International Ltd, it did not have a company secretary and did not maintain the required number of directors and resident directors.
The ABM Group received a total of $69,000 in fines, which were handed to 11 of its companies, namely: ABM Australia Holding Pty Ltd, The Galactic Corporation Pty Ltd, Lovekins Trading Australia Pty Ltd, Muxin Holdings Pty Ltd, Muxin Pty Ltd, Access Logistics Services Pty Ltd, Eimele Pty Ltd, SRW Co Pty Ltd, Theronomic Pty Ltd, VTN Trading Australia Pty Ltd, and Yican Pty Ltd.
The other companies that were penalized by the commission were:
“Financial reports provide shareholders, creditors and the public with important information, enabling them to make informed decisions when dealing with these companies,” ASIC said in a press release. “It is crucial that disclosing entities lodge their financial reports in a timely manner.”
The companies were prosecuted in Local and Magistrates’ Courts by the commission.
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