Three companies associated with billionaire mining magnate Gina Rinehart have been fined for late lodgement of financial records.
Hancock Prospecting Pty Ltd, Hancock Minerals Pty Ltd and Hope Downs Iron Ore Pty Ltd admitted in the Perth Magistrates Court to failing to submit financial reports on time between 2008 and 2012.
Accounts must be lodged with ASIC, the corporate watchdog, within four months of their balance date.
Magistrate Huston convicted the companies of 13 counts of breaching section 319 of the Corporations Act 2001 and collectively fined them $130,000.
“Financial accounts hold important information for shareholders, creditors and the public to help them make informed decisions,” says Greg Tanzer, a commissioner at ASIC.
In the ten months to April 2015, 17 companies were charged with failing to lodge financial accounts. The successful criminal prosecutions brought fines of between $1,000 and $27,000.