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South Australian mining exploration company fined for failing to lodge annual reports with ASIC
12-331MR South Australian mining exploration company fined for failing to lodge annual reports with ASIC
Friday 21 December 2012
A South Australian-based company was today convicted of five charges and fined more than $5,000 by the Magistrates Court of South Australia, following an ASIC investigation.
Mawson Gold NL (Mawson Gold) pleaded guilty to five charges of failing to lodge its financial report, director's report and auditor's report for the financial years ending 2006, 2007, 2008, 2009 and 2010. Mr Ivan Peter Lewis, director and secretary of Mawson Gold during this period, admitted responsibility for the failure to lodge the documents.
Mawson Gold was convicted and fined a total of $5,625.
The failure of Mawson Gold to lodge the required annual reports was identified as part of a regular compliance program which aims to ensure that creditors, investors and the public have access to accurate and up to date information about companies.
ASIC Commissioner Greg Tanzer said ASIC will continue to prosecute companies for failing to comply with reporting requirements.
‘Annual reports provide important information for all people that may have dealings with a company and enable transparent and informed decision making. Any company which is required to lodge annual reports should be mindful that ASIC will not hesitate to pursue failures to do so,' Mr Tanzer said.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.