media release (16-140MR)

Waratah Resources CEO pleads guilty to misleading the market

Published

Mr Benjamin David Kirkpatrick, the Chief Executive Officer of Waratah Resources Limited, has pleaded guilty to a charge brought by ASIC of aiding and abetting the company to breach its continuous disclosure obligations.

In pleading guilty, Mr Kirkpatrick has asked that the sentencing court take into account his guilt in respect of an offence relating to his authorisation of false information to the market.

The conduct relates to a company announcement on 14 October 2013 asserting that Waratah Resources had established a $100 million trade finance facility with the Bank of China when no such facility had been established or agreed upon. Between 14 and 25 October 2013, Mr Kirkpatrick failed to correct this announcement, thereby causing Waratah Resources to breach its continuous disclosure obligations.

Mr Kirkpatrick was committed to the NSW District Court for sentence.

The Commonwealth Director of Public Prosecutions is prosecuting this matter.

Background

The continuous disclosure offence carries a maximum penalty of five years jail and a $34,000 fine.

Editor's note:

On October 6, a sentencing hearing was held in the NSW District Court and the matter was stood over for sentence on 2 December 2016.

Editor's note 2:

The sentencing date of 2 December 2016 has been vacated. Mr Kirkpatrick is now scheduled to be sentenced on 30 January 2017.

Media enquiries: Contact ASIC Media Unit