Advanced diesel engineering firm Green Diesel and its director have been convicted on eight charges following an Australian Securities and Investments (ASIC) investigation.
Green Diesel Corp, a public company that developed the green diesel fuel-injection system, pleaded guilty to seven charges and was fined a total of $16,800.
Ronald Kukler, a director of the company, also pleaded guilty to aiding and abetting the company in failing to hold an annual general meeting for the 2011 financial year. Kukler was convicted and fined $500.
The charges relate to the company’s failure to:
* hold annual general meetings for the 2010 and 2011 financial years
* provide annual reports to members for the 2010 and 2011 financial years
* lodge annual reports with ASIC for the 2010 and 2011 financial years, and
* have at least one company secretary during the period September 30, 2011 to March 20, 2012.
The failure of the company to lodge annual reports and hold annual general meetings was reported to ASIC by shareholders of the company, who were concerned that they could not make informed financial decisions due to the lack of financial reports provided by the company.
ASIC Commissioner, Greg Tanzer says the case clearly showed why it was important for companies and directors to provide annual reports and hold annual meetings as required under the law.
“This matter demonstrates the ongoing focus ASIC has on companies that fail to uphold their reporting responsibilities which severely compromises the transparency around a company and limits shareholders’ ability to make informed decisions.
“These obligations are important and ASIC will not hesitate to pursue companies who disregard them.”
The matters were heard before the Geelong Magistrates Court and were prosecuted by the Commonwealth director of public prosecutions.
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