Four Australian public companies have been convicted and fined for failing to lodge financial reports, taking ASIC's prosecutions to 10 since 1 July 2014.

String City Systems Limited, String Port Systems Limited and String Transport Systems Limited were convicted and fined a total of $19,000 earlier this month for failing to lodge annual financial reports for the 2012 and 2013 financial years.

Redhouse Media Group Holdings Limited was also convicted and fined $13,500 after failing to lodge its annual report for six consecutive years (30 June 2008 – 30 June 2013).

ASIC Commissioner, Greg Tanzer said the latest convictions were the result of in-house prosecutions following an agreement with the Commonwealth Director of Public Prosecutions for ASIC to prosecute particular summary offences including the failure to lodge financial reports and hold annual general meetings. 

'ASIC has prosecuted 10 companies for 60 offences since July 1, 2014, with fines totalling $122,000', said Mr Tanzer.

'Financial reporting plays a significant role in maintaining market integrity and investor confidence. Any company required to lodge financial reports with us should do so. Shareholders are entitled to clear and timely information about a company's performance and position' Mr Tanzer said.