Finance, Executive - ASIC Charges Over Hidden Shares
The Australian Securities and Investments Commission (ASIC) has charged former Bellamy's director Jan Cameron with hiding her true ownership stake in the infant formula business.
Bellamy's was sold to the China Mengniu Dairy Company last year in a deal that netted Cameron a reported $300 Million. But investigators allege the 67-year old Tasmanian businesswoman failed to disclose 14 million Bellamy's shares she owned via her Curacao-based associate The Black Prince Foundation when the company went public in 2014.
ASIC also accuses her of filing a misleading substantial holder notice that failed to disclose her complete relationship with Black Prince.
Ms. Bellamy's first court appearance is scheduled at the Hobart Magistrates Court on 12 March. If found guilty, she could face a maximum of AU$40,150 in financial penalties and five years in prison for two alleged breaches of the Corporations Act.