Criminal charges refuted
Rich-lister pleads not guilty
ONE of Tasmania’s richest people has entered not guilty pleas to two criminal charges in the Hobart Magistrates Court.
The Australian Securities and Investments Commission alleged in February that Janet Heather Cameron failed to lawfully disclose ownership of millions of shares in Bellamy’s, a maker of organic food and formula products for children.
Ms Cameron, 67, appeared in court for the first time on these matters, via telephone, before Magistrate Glenn Hay on Friday morning.
Her lawyer James O’Shannessey entered pleas of not guilty to both charges on her behalf.
Mr O’Shannessey said he had not received an update from the prosecution on what evidence they would be proceeding with against Ms Cameron and that there would be at least 13 witnesses called for the hearing, many from NSW who would need to apply for an exemption to enter the state due to COVID-19 restrictions.
The prosecutor said the matter was unlikely to be a short one.
Mr Hay said his list was full until at least January for hearings.
“COVID has created an extreme backlog of hearings and this hearing will have to take its place in the queue,” he said.
Ms Cameron was bailed to appear for a case management conference on August 26.
ASIC alleged when Launceston-based Bellamy’s became a listed company on August 1, 2014, Ms Cameron and her associate, The Black
Prince Foundation, began to have a substantial holding of 14 million shares.
That holding represented 14.74 per cent of Bellamy’s total issued capital and it is alleged that in August 2014 Ms Cameron failed to disclose that interest as required.
It is also alleged Ms Cameron lodged with Bellamy’s an initial substantial holder notice that was misleading on the basis that it failed to properly disclose her complete relationship with The Black Prince Foundation, and the basis upon which she had an interest in 14 million Bellamy’s shares.
Under section 671B of the Corporations Act, a person must, if they begin to have a holding of shares in a listed company that results in 5 per cent or more of voting power, lodge a substantial holder notice with the company and the relevant market operator.
The maximum penalty applying in August 2014 for failing to lodge a substantial holder notice was six months’ imprisonment or 25 penalty units, or both.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
Ms Cameron made her fortune as founder of the Kathmandu company.