Post: ALT Financial Group Ltd convicted and fined $123,000 for failing to lodge financial reports

ALT Financial Group Ltd ACN 609 449 194 has been convicted on multiple charges, including failing to lodge annual financial reports with ASIC, and fined a total of $123,000.

The fine is one of the largest handed down for these breaches and reflects the seriousness of the offences and the potential impact it may have had on shareholders and creditors being denied information that would have enabled them to make informed decisions about their investments or dealings with the company.

The company failed to appear before the Downing Centre Court on 21 February 2023 and was convicted in its absence on 13 ASIC charges for failing to:

lodge annual financial reports with ASIC for the 2018 to 2021 financial years
report to members for the 2018 to 2021 financial years
hold an annual general meeting (AGM) in 2018 to 2021 and
comply with the requirement to have at least three directors, excluding alternate directors.
ASIC will continue to prosecute companies that are negligent in their reporting responsibilities aimed at assisting shareholders, creditors and members of the public make informed decisions.

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