Sydney-based company Dampier Finance Australia Limited, who holds an Australian Financial Services license (AFSL), has been fined $240,000 for failing to lodge its company annual reports and financial statements with ASIC.
On 13 November 2018, Dampier Finance Australia was found guilty in the Downing Centre Local Court of failing to submit annual financial reports with ASIC for the financial years ending 2012 to 2017, inclusive. Dampier was also found guilty of failing to prepare and lodge audited annual financial statements and balance sheets with ASIC for the same period.
In failing to comply with its obligations to lodge annual reports and financial statements, the Magistrate stated that the fine imposed was justified, citing the serious and systemic nature of the offending. The Magistrate also added that the sentence provided for general and specific deterrence.
The Commonwealth Director of Public Prosecutions prosecuted the matter.
Investigations by ASIC into Dampier Finance Australia continue.
Certain types of companies, which include public listed and unlisted companies and large property limited companies, have an obligation to lodge annual financial reports with ASIC within a prescribed period.
Holders of Australian Financial Services licences are required to prepare and lodge audited annual profit and loss statements and balance with ASIC within a prescribed period.
Failing to lodge these reports within the prescribed period is a criminal offence.
Dampier Finance Australia Limited AFSL number: 319331.