Moggie fined $ 8k for filing failures

A GREENVALE mining company has been fined $ 8000 for failing to file its financial reports for seven years in a row.

Moggie Mining Ltd landed before the Townsville Magistrates Court on seven counts of failing to lodge a report for the financial year.

Director Ron Simson appeared for the company in court, pleading guilty to all charges and telling the court he had not followed up with accountants.

Crown prosecutor Cath Ferguson said between 2011 and 2018, the company did not file its reports and was first contacted by the Australian Securities and Investments Commission in January 2017 and asked to urgently file its reports.

“On September 20, 2017 an ASIC officer spoke with Mr Simson, who advised the reports should have been lodged and he had paid for the preparation of at least three years of reports through an accounting company in Townsville,” she said.

“ASIC inquiries with that company revealed that the company was no longer their client and that a warning letter had been issued to the company’s registered office.”

Ms Ferguson said charges were serious public policy reasons.

“The principal objective of the company reporting obligations in the act were to ensure that creditors, investors and shareholders have access to accurate and up to date information about the financial position of companies so they can the for make informed decisions when dealing with the companies,” she said.

Mr Simson said he took responsibility for the reports not being sent but the accountant had been paid three years early.

“I didn’t follow up … because usually accountants have a schedule of how they work,” he said.

“I thought it would turn up.”

Mr Simson said the mining company’s cashflow had been affected by the global financial crisis and that his accountant was overworked “which meant almost certainly that the more urgent work got done and not the less urgent”.

“It was a culmination of events,” he said.

“We were very conscious of our cashflow. We didn’t push it that hard because we were obviously going to have to pay for it.

Mr Simson said he had also forgotten that he needed to send off the director’s statement to ASIC by October each year.

“It was my mistake for not getting in touch with the accountant,” he said.

Mr Simson said the financial reports had now been prepared and given to the national audit office.

The company was fined $ 8000 and the fine was referred to the State Penalties Enforcement Registry.

It was also ordered pay costs of $ 96.15. to