Fifteen companies were prosecuted by ASIC for failing to lodge financial reports

On February 20, 2023, ASIC (Australian Securities & Investments Commission) stated that it prosecuted fifteen companies between July 1, 2022 and 31 December 2022 for failing to comply with their obligation to lodge financial reports with ASIC, obtaining over $115,000 in financial penalties.

ASIC also lists the names and details of these companies.

According to ASIC, they are:

McGrath Saleco Limited (ACN 608 153 797), which was convicted and fined $40,000 for failing to lodge four annual reports between 2017 and 2020,

Monarca LMC Ltd (ACN 614 690 943), which was convicted and fined $18,000 for failing to lodge three annual financial reports between 2018 and 2020, failing to hold annual general meetings for the financial years 2018 and 2020 and failing to report to members for the financial years ending 7 March 2018, 7 March 2019 and 7 March 2020,

American Patriot Oil & Gas Limited (ACN 154 049 144), which was convicted and fined $15,000 for failing to lodge three annual financial reports between 2019 and 2021, one half year financial report for the half year ending 31 December 2019, failing to hold an annual general meeting in 2019 and failing to report to members for the financial year ending 30 June 2019,

Intelligent Capital Limited (ACN 626 824 315), which was convicted and fined $15,000 for failing to lodge three annual financial reports between 2019 and 2021,

Lycamobile Pty Ltd (ACN 139 717 212), which was convicted and fined $9,000 for failing to lodge two annual financial reports in 2018 and 2019,

Vantage Goldfields Limited (ACN 140 157 820), which was convicted and fined $7,500 for failing to lodge five annual financial reports between 2016 and 2020,

ADG Global Supply Limited (ACN 616 232 556), which was convicted and fined $5,000 for failing to lodge three annual financial reports between 2017 and 2019,

CWT Technology Holdings Limited (ACN 618 840 127), which was convicted and fined $4,000 for failing to lodge three annual financial reports between 2018 and 2020, failing to hold annual general meetings for the financial years 2019 to 2020 and failing to report to members for the financial years ending 30 June 2018, 30 June 2019 and 30 June 2020,

Biosar Australia Pty Ltd (ACN 620 817 665), which was convicted and fined $3,500 for failing to lodge two annual financial reports in 2018 and 2019.

Aurora Metals Limited (ACN 126 634 606), which was convicted and fined $2,500 for failing to lodge two annual financial reports between 2020 and 2021 and two half year financial reports for the half years ending 31 December 2019 and 31 December 2020,

Fulcrum Equity Limited (ACN 053 687 728), which was convicted and fined $750 for failing to lodge five annual financial reports between 2017 and 2021,

Mt Martha Valley Estates Ltd (ACN 617 827 764), which was placed on a good behaviour bond for failing to lodge four annual financial reports between 2017 and 2020,

Halo Capital Ltd (ACN 605 884 848), which was placed on a good behaviour bond for failing to lodge four annual financial reports between 2018 and 2021,

Nextgen Gaming Pty Ltd (ACN 090 108 688), who pleaded guilty to failing to lodge three annual financial reports between 2018 and 2020 but charges were dismissed, and

Harris Scott Pty Ltd (ACN 616 232 556), who pleaded guilty to failing to lodge four annual financial reports between 2018 and 2021 but charges were dismissed.

According to ASIC, certain types of Australian companies are required by law to file financial reports with ASIC within a specified period after the end of the financial year, while some companies are also required by law to file semi-annual financial reports. A listed company must hold at least one annual general meeting in each calendar year within a specified period after the end of its fiscal year.

Compliance with these requirements provides shareholders, creditors and the public with important information to enable them to make informed decisions in their dealings with these companies.

WikiFX recommends that you do more research before choosing a certain broker. WikiFX has a list of brokers regulated by ASIC.