Animoca Brands Corporation Limited ACN 122 921 813 has been convicted on charges of failing to lodge annual and half-yearly financial reports with ASIC.
The company failed to appear before the Downing Centre Court on 21 June 2022 and was convicted in its absence on five ASIC charges for failing to:
- lodge annual financial reports with ASIC for the 2019 to 2021 financial years; and
- lodge half-year reports with ASIC between 2020 and 2021.
The company was fined a total of $50,000.
Compliance with financial reporting obligations is important as accurate and timely financial reports provide shareholders, creditors and the public with important information, enabling them to make informed decisions when dealing with these companies.
ASIC will continue to prosecute companies that systemically fail to comply with their financial reporting obligations.
Background
Section 319 of the Corporations Act 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 320 of the Corporations Act 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.
