AUS: Conviction, fine, ban for failure to disclose "substantial holding."

News Desk

If there is one thing to like about Australia's financial crime laws, it's not really in the financial crime sphere. It's that the the "substantial shareholding" limit is not the 25% so many countries impose - it's 5%. And a company director has been prosecuted.

Janet Heather Cameron, of Bicheno, Tasmania is a former director of Bellamy’s Australia Ltd. Cameron has been convicted of of one count of failing to lodge a substantial holder notice regarding her interests in Bellamy’s and one count of making a false and or misleading statement to ASIC.

Hobart Magistrates' Court today imposed fines of AUD3,000 and UD5,000 respectively.

As a result of her conviction, Cameron is automatically disqualified from managing corporations for five years.

Cameron has appealed to the Supreme Court of Tasmania.


A D V E R T I S E M E N T