Biron Apparel Limited fined for failing to lodge financial reports
Australian public company, Biron Apparel Limited (Biron Apparel), has been convicted a second time for failing to lodge financial reports with ASIC, the Australian regulator, and hold annual general meetings.
Biron Apparel was fined $12,000 after pleading guilty in the Perth Magistrates Court on 10 October 2014 to failing to provide financial reports to members, lodge them with ASIC, and hold annual general meetings for the financial years ending 2010 to 2013. Biron Apparel was convicted in 2010 on similar charges.
ASIC Commissioner Greg Tanzer said financial reporting played an important role in maintaining market integrity and investor confidence.
‘Financial reports and AGMs are not only crucial to the integrity of our market, but used by investors to help them make informed decisions’, Mr Tanzer said.
‘Biron Apparel is a substantial public company with over 35 million issued ordinary shares. Shareholders are entitled to know how they’re performing.’
The company is currently suspended from trading on the Australian Securities Exchange.
The Commonwealth Director of Public Prosecutions prosecuted the matter.
Source: ASIC- Biron Apparel Limited fined for failing to lodge financial reports
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