Listed company, Sino Strategic International Limited, has been convicted and fined $18,000 for failing to hold annual general meetings and lodge financial reports with ASIC.

Sino Strategic International Limited was convicted in Adelaide Magistrates Court on 28 November 2014 after pleading guilty to 14 charges laid by ASIC for failing to:

• lodge half-year reports with either ASIC or the Australian Stock Exchange (ASX) between 2010 and 2012
• lodge annual reports with either ASIC or ASX between 2011 and 2013
• report to members between 2010 and 2013, and
• hold annual general meetings between 2010 and 2013.

ASIC Commissioner, Greg Tanzer, said Sino Strategic International Limited was one of six companies prosecuted since 1 July 2014 for offences concerning the failure to lodge financials and hold annual general meetings with fines of up to $27,000.

‘Companies required to provide financial reports and hold annual general meetings need to do so within the specified timeframe,’ 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.’

The Commonwealth Director of Public Prosecutions prosecuted the matter.