Green energy company found guilty of failing to lodge reports with ASIC
The Australian Securities and Investments Commission (ASIC) has announced that a well-known green energy company based in Geelong, Victoria, and its director have been convicted on eight charges following an ASIC investigation.
Green Diesel Corp Ltd, a public company that developed the Green Diesel Fuel Injection System, pleaded guilty to seven charges in the Geelong Magistrates Court.
The charges relate to the company's failure to:
- hold Annual General Meetings for the 2010 and 2011 financial years
- provide annual reports to members for the 2010 and 2011 financial years
- lodge annual reports with ASIC for the 2010 and 2011 financial years, and
- have at least one company secretary during the period 30 September 2011 to 20 March 2012.
The company was convicted and fined a total of $16,800.
Ronald Kukler, a director of Green Diesel Corp Ltd, also pleaded guilty to aiding and abetting the company in failing to hold an annual general meeting for the 2011 financial year. Mr Kukler was convicted and fined $500.
The failure of the company to lodge annual reports and hold annual general meetings was reported to ASIC by shareholders of the company, who were concerned that they could not make informed financial decisions due to the lack of financial reports provided by the company.