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16-025MR GRG International Ltd convicted and fined for late accounts
GRG International Ltd (GRG) has been convicted and fined for late lodgement of financial accounts.
The company, which was delisted from the ASX in January this year, appeared at the Melbourne Magistrates' Court on 28 January 2016 for failing to submit multiple financial reports on time between 2012 and 2014.
Magistrate Lethbridge convicted and fined GRG a total of $37,500 for failing to lodge annual financial reports for financial years 2011-2012, 2012-2013 and 2013-2014 and half year reports ending 31 December 2012 and 2013.
ASIC Commissioner Greg Tanzer said 'The timely lodgement of financial reports and the provision of transparent accounts is crucial to market integrity. In the absence of information about the activities of a company, users are unable to make informed investment decisions in a timely manner.'
GRG International Limited was suspended from trading on the ASX in October 2012 and was delisted from the ASX in January 2016.