The Australian Securities & Investment Commission (ASIC) prosecuted ten companies in total, including Konica Minolta, between 1 January 2021 and 30 June 2021 for failing to comply with their obligations to lodge financial reports.
Certain types of Australian companies are required by law to lodge financial reports with ASIC within a specified period after the end of their financial year. Some companies are also required to lodge financial reports every half year. Accurate and timely financial reporting allows shareholders, creditors and the public to make informed decisions about companies.
Konica Minolta Business Solutions Australia Pty Ltd was found guilty without conviction and placed on a bond and required to be of good behaviour for failing to lodge annual financial reports between 2017 and 2019 (inclusive).
ASIC said it will continue to prosecute companies that fail to comply with their financial reporting obligations.
