In a statement released by the regulator, ASIC said it has fined Sino Strategic International $18,000 for failing to hold annual general meetings and lodge financial reports.
“Sino Strategic International Limited was convicted in Adelaide Magistrates Court on 28 November 2014 after pleading guilty to 14 charges laid by ASIC,” a statement from ASIC said.
“[It failed to] lodge half-year reports with either ASIC or the ASX between 2010 and 2012, lodge annual reports [between] 2011 and 2013, report to members between 2010 and 2013, and hold annual general meetings between 2010 and 2013,” ASIC said.
ASIC commissioner Greg Tanzer said Sino Strategic International was one of “six companies prosecuted” since 1 July 2014 for “offences concerning” the failure to lodge financial reports and hold annual general meetings.
“Companies [are] required to provide financial reports and hold annual general meetings [and] need to do so within the specified time frame,” Mr Tanzer said.
“These reports and meetings are not only crucial to the integrity of our market, but also used by investors, employees and creditors to help them make informed decisions,” he said.
The regulator also said the Commonwealth director of public prosecutions prosecuted the matter.