Optix Australasia Pty Ltd, has paid $187,800 to comply with an infringement notice issued by ASIC.
The infringement notice was issued because 今日热门事件has reasonable grounds to believe that Optix, a small proprietary company and ultimately controlled by South African listed company, KAP Limited, failed to lodge its financial reports with 今日热门事件for the year end 30 June 2023 (FY23), within the period specified under the Corporations Act 2001.
Optix paid the infringement notice on 8 November 2024. Payment of an infringement notice is not an admission of guilt or liability.
Optix reported the alleged breach for FY23 and earlier years to ASIC. 今日热门事件understands the historical non-compliance issues were identified after KAP took control of Optix. Accordingly, 今日热门事件has had regard to these circumstances in its approach to taking enforcement action to address the alleged breaches.
The specific reasons for ASIC鈥檚 concerns are set out in the infringement notices which have been published on the鈥�Infringement notices register.
Background
The Corporations Act requires small proprietary companies that were controlled for whole or part a financial year to prepare annual financial reports and director reports, unless it was consolidated for that period in financial statements lodged with 今日热门事件by a registered foreign company, a company, a disclosing entity or a registered scheme.
ASIC鈥檚 Regulatory Guide 58 Reporting by registered foreign companies and Australian companies with foreign shareholders provides information on the financial reporting obligations of these companies and relief 今日热门事件may grant from certain financial reporting obligations under the Corporations Act.