Hancock Prospecting and two related entities today were convicted and fined for lodging their financial accounts late.

Appearing in Perth Magistrates Court, Hancock Prospecting Pty Ltd, Hancock Minerals Pty Ltd and Hope Downs Iron Ore Pty Ltd pleaded guilty to failing to submit multiple financial reports on time between 2008 and 2012. Accounts must be lodged within four months of their balance date.

Magistrate Huston convicted the companies of 13 counts of breaching section 319 of the Corporations Act 2001 and collectively fined them $130,000.

ASIC Commissioner Greg Tanzer said, ‘Financial accounts hold important information for shareholders, creditors and the public to help them make informed decisions.

‘ASIC will continue to take enforcement action against companies who fail to meet their financial reporting obligations.’

From 1 July 2014 to 30 April 2015 ASIC had 17 successful criminal prosecutions and obtained fines of between $1,000 and $27,000 for 17 public companies for failing to lodge financial accounts.

The Commonwealth Director of Public Prosecutions prosecuted the matter.

Background

Following an ASIC investigation, the companies were charged in April 2014 (refer: 14-069MR).