Mining exploration company Condor Blanco Mines Limited (ACN 141 347 640) has been fined $100,000 for failing to lodge five annual financial reports with ASIC.

The company, which was delisted from the ASX on 28 August 2018 after failing to pay its annual listing fee, failed to appear before the Downing Centre Court on 19 September 2023. In its absence, it was convicted on five charges of failing to lodge annual financial reports with ASIC for the 2018 to 2022 financial years.

The fine reflects the seriousness of the offences. It is important that accurate and timely reports are lodged to assist shareholders, creditors and the public in making informed decisions when dealing with entities.

ASIC will continue to prosecute companies that fail to comply with their statutory obligations.

Background

Section 319 of the Corporations Act requires a disclosing entity and registered scheme to lodge the complete financial reports within three months after the end of the financial year. All other entities are required to lodge their financial reports within four months after the end of the financial year.