Company hit over reports
A COMPANY that raised millions of dollars from investors to develop a sugar mill in Ingham before halting the project in 2018 has been prosecuted for failing to lodge annual reports.
Corporate watchdog Australian Securities and Investments Corporation, which took the action, says North Queensland Bio-energy Corporation Ltd entered into a 36-month good behaviour bond for failing to lodge three annual financial reports for 2017, 2018 and 2020 when it appeared in the Brisbane Magistrates Court last year.
But the regulator, which initially released a media statement about the prosecution this month also stating that the company had been fined $40,000, has since issued an editor’s note, stating this was incorrect.
North Queensland BioEnergy Corporation has proposed a sugar, ethanol and power generation plant in Ingham said to be valued at $640m but announced a “halt” in the project in 2018.
NQBE is headed by registered auditor and partner in the Carey Group accounting and financial advice firm, Robert Carey, while former Liberal Party leader and renewable energy advocate John Hewson is a director.
Company records indicate North Queensland Bio-energy Corporation is now up to date with the lodgement of its financial reports.
The records state NQBE has $5,348,150 paid on shares issued. It is understood the company had lodged all outstanding reports before the hearing of the case on August 10 last year.
When contacted this week, Mr Carey declined to comment but did confirm its sugar mill, ethanol and power generation plant was still in “halt mode”.
When the decision to halt the project was announced in May 2018, Mr Carey said it was caused by inconsistency in the federal government’s climate and energy policies and that grant funding from the Australian Renewable Energy Agency, which was provided to solar and wind farm proponents, was not available for projects like NQBE’S. ASIC said certain types of Australian companies were required by law to lodge financial reports with it within a specified period after the end of their financial year.
Some companies also had a legal requirement to lodge financial reports every half year, while public companies must hold AGMS at least once per calendar year within a specified period after the end of its financial year.
NQBE is an Australian public company.
“Compliance with these requirements is important as accurate and timely financial reports and regular AGMS provide shareholders, creditors and the public with important information, enabling them to make informed decisions when dealing with these companies,” the ASIC statement said.
One investor in NQBE, sugar farmer Victor Reinaudo, has been a big supporter of the project. He said he did not know what was happening.
“We invested in it to see whether we could do something different. After they said that was it, I haven’t heard a word,” Mr Reinaudo said.