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ASIC prosecutes Konica Minolta Australia for failing to lodge financial reports

The Australian Securities & Investments Commission (ASIC) prosecuted Konica Minolta Business Solutions Australia for failing to lodge annual financial reports over three years between 2017 and 2019. The company was found guilty without conviction.

yohei konaka
  Yohei Konaka became managing director of Konica Minolta Australia in 2020

The Sydney-based print hardware and software business was one of ten companies prosecuted by the corporate regulator for failing to comply with its obligations to lodge financial reports.

asic logo 9In a statement, ASIC said:

“Konica Minolta Business Solutions Australia Pty Ltd was found guilty without conviction  for failing to lodge annual financial reports between 2017 and 2019 (inclusive).”

A spokesperson for Konica Minolta Australia said:

"Konica Minolta is committed to compliance with all its legal obligations, and has procedures in place to ensure that all documents are lodged with the ASIC in a timely manner. No conviction has been recorded against Konica Minolta with respect to the lodgement of its financial statements for the years 2017-2019 and Konica Minolta has lodged its financial report for the financial years ending 31 March 2020 and 2021 with ASIC within time and in accordance with the requirements of the Corporations Act."

ASIC took action against the following companies:

Bargo Collieries Pty Ltd was convicted and fined $7,000 for failing to lodge annual financial reports between 2015 and 2019 (inclusive);

Envisager Securities Ltd was found guilty and placed on a bond and required to be of good behaviour for failing to lodge annual financial reports for 2018 and 2019;

Gasfields Ltd was convicted and fined $3,000 for failing to lodge their annual financial report for 2019 and half-year report ending 31 December 2019;

Hail Creek Coal Pty Ltd was found guilty without conviction and placed on a bond and required to be of good behaviour for lodging their annual financial report for 2017 late;

Harsco Metals Australia Holding Investment Co. Pty Ltd was found guilty without conviction and placed on a bond and required to be of good behaviour for failing to lodge annual financial reports for 2015 and 2016;

* Konica Minolta Business Solutions Australia Pty Ltd was found guilty without conviction for failing to lodge annual financial reports between 2017 and 2019 (inclusive);

Oceania Resources Pty Ltd was convicted and fined $7,000 for failing to lodge annual financial reports for between 2015 and 2019 (inclusive);

Redbank Energy Ltd was convicted fined $9,000 for failing to lodge annual financial reports for 2018 and 2019 and the half yearly report for the half-year ended 31 December 2019;

Vocational Education, Training and Employment Australia Ltd was convicted and fined $13,500 for failing to lodge annual financial reports between 2016 and 2018 (inclusive); and

Wolf Petroleum Ltd was convicted and fined $12,000 for failing to lodge annual financial reports for 2018 and 2019 and failing to hold an annual general meeting or report to its members for that same period.

“Certain types of Australian companies are required by law to lodge financial reports with ASIC within a specified period after the end of their financial year,” ASIC said. “Some companies are also required to lodge financial reports every half year. Accurate and timely financial reporting allows shareholders, creditors and the public to make informed decisions about companies.

“ASIC will continue to prosecute companies that fail to comply with their financial reporting obligations.”

Yohei Konaka took over the role of managing director of Konica Minolta Australia in 2020, following a delay in his official appointment due to COVID-19.

* Footnote: On 5th August, ASIC amended this information to remove reference to a bond of good behaviour, which was incorrectly attributed in the original news release.