Dongfang Modern Agriculture Holding Group Limited (A.C.N. 604 659 270) has been fined $300,000 by the Downing Centre Local Court for failing to meet its financial reporting obligations and to have the required number of company officers.

Dongfang failed to lodge with ASIC an annual report for its company financial year ending 31 December 2019 and a half-year report for the period ending 30 June 2019.

The company also failed to hold an annual general meeting for the 2019 calendar year, to report to its members for the 2019 financial year and to have a company secretary and at least three directors for the period of 9 June 2019 to 27 July 2021.

As a public company, Dongfang is required by law to provide financial reports to ASIC, hold annual general meetings and report to its members. These reporting requirements are in place to promote investor confidence and support the integrity of Australia’s financial system.

Dongfang was convicted and fined on 26 October 2021, after originally being charged in September 2021.

The matter was prosecuted by the Commonwealth Director of Public Prosecutions.

Background

Dongfang was first charged in September 2021, following an ASIC investigation.

Failure to lodge full- and half-year financial reports with ASIC is a breach of sections 319(1) and s320(1) of the Corporations Act 2001.

Failure to hold an annual general meeting is a breach of sections 250N(2) of the Corporations Act 2001

Failing to meet minimum officeholder requirements is a breach of sections 204A(2) of the Corporations Act 2001.