ASIC prosecutes KM for failing to lodge financial reports

The Australian Securities and Investments Commission (ASIC) has prosecuted Konica Minolta and nine other businesses for failing to comply with obligations to lodge financial reports.

In a statement, ASIC said, “Konica Minolta Business Solutions Australia Pty Ltd ACN 001 065 096 was found guilty without conviction for failing to lodge annual financial reports between 2017 and 2019 (inclusive).”

The other businesses that faced prosecution for other reasons include: Bargo Collieries, Envisager Securities, Gasfields Ltd, Hail Creek Coal, Harsco Metals Australia Holding Investment Co., Oceania Resources, Redbank Energy, Vocational Education, Training and Employment Australia, and Wolf Petroleum.

ASIC said it prosecuted these ten companies between 1 January 2021 and 30 June 2021 for failing to comply with its obligations to lodge financial reports.

“Certain types of Australian companies are required by law to lodge financial reports with ASIC within a specified period after the end of their financial year. Some companies are also required to lodge financial reports every half year. Accurate and timely financial reporting allows shareholders, creditors and the public to make informed decisions about companies,” it said.

A Konica Minolta Business Solutions Australia spokesperson said, “Konica Minolta is committed to compliance with all its legal obligations, and has procedures in place to ensure that all documents are lodged with the ASIC in a timely manner.  

“No conviction has been recorded against Konica Minolta with respect to the lodgement of its financial statements for the years 2017-2019 and Konica Minolta has lodged its financial report for the financial years ending 31 March 2020 and 2021 with ASIC within time and in accordance with the requirements of the Corporations Act.”

ASIC said it will continue to prosecute companies that fail to comply with its financial reporting obligations, which includes:

  • Section 292 of the Corporations Act, which requires all disclosing entities, public companies, large proprietary companies, and registered schemes to prepare financial reports each financial year.
  • Section 319 of the Corporations Act, which 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.
  • Section 302 of the Corporations Act, which requires disclosing entities to prepare financial reports each half-year.
  • Section 320 of the Corporations Act, which requires a disclosing entity to prepare or obtain a report for a half-year and lodge the report with ASIC within 75 days after the end of the half-year.

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