The founder of listed bottled water producer Eneco Refresh, Henry Eng Chye Heng, has been sentenced to a recognisance release order upon providing security of $10,000 to be of good behaviour for 12 months.

In a hearing in the Perth Magistrates Court Mr Heng pleaded guilty and was convicted of nine counts of failing as a director to notify the market operator of a change in his relevant interests in breach of section 205G(10) of the Corporations Act.

On nine occasions between 30 December 2020 and 30 November 2021, Mr Heng used share trading accounts held in the names of his family to conduct trades in Eneco and, being a director of Eneco, failed to notify the ASX within 14 days of a change in his relevant interests in those securities.

ASIC Chair Joe Longo said, ‘ASIC welcomes the sentencing decision which reflects our ongoing efforts to stamp out misconduct and improve standards of market integrity. It is critical for directors to fulfill their legal obligations.’

The court ordered Mr Heng be released on his own recognisance with a $10,000 personal surety and upon the condition that he be of good behaviour for a period of 12 months.

Last month Mr Heng was sentenced to 18 months' imprisonment for market manipulation and creating a false or misleading appearance of active trading following a hearing in the Perth District Court on the 19 April 2024 (24-082MR).

Mr Heng was prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ASIC.