The Griffin Coal Mining Company (A.C.N. 008 667 285) has been charged with failing to meet its financial reporting obligations and have the required number of company officers.

ASIC alleges that Griffin Coal failed to lodge annual reports with ASIC for its financial years ended 31 March 2018, 31 March 2019, 31 March 2020 and 31 March 2021 within the required timeframes.

ASIC further alleges that, between 28 September 2018 to 6 December 2021, Griffin Coal also failed to meet the legal requirement to have at least one director who resides in Australia.

As a large proprietary company, Griffin Coal is required by law to provide financial reports to ASIC and meet minimum officeholder requirements. These rules are in place to promote investor confidence and support the integrity of Australia’s financial system.

The matter was heard in the Perth Magistrates Court on 25 March 2022 and was adjourned to 20 May 2022.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ASIC.

Background

Griffin Coal was first charged in June 2021 for failing to lodge two annual financial reports.

Failure to lodge full-year financial reports with ASIC is a breach of section 319(1) of the Corporations Act. The maximum penalty for failing to lodge the outstanding financial reports between 2017 and 2021 ranges from $54,000 to $266,400.

Failing to meet minimum officeholder requirements is a breach of sections 201A(1) of the Corporations Act. The maximum penalty for an offence committed on or after 1 July 2020 is $42,000.

Editor's note 1:

On 20 May 2022, the matter was adjourned until 17 June 2022.

Editor's note 2:

The media release was updated on 8 June 2022 to clarify the maximum penalties that apply for failing to lodge financial reports in the relevant periods.

Editor's note 3:

The matter has been adjourned until 1 July 2022.