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

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

Thursday, 28 March, 2024 - 08:00

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.

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