Tasmanian entrepreneur Jan Cameron has pleaded not guilty in the Hobart Magistrates Court to criminal charges laid by the corporate regulator alleging she failed to disclose her links to the major investor in infant formula company Bellamy's Australia.

Ms Cameron – a former director of Bellamy's and a shareholder in the group until it was controversially sold to China Mengnui Dairy Company last year – could face a maximum of $40,250 in fines and five years' prison for two alleged breaches of the Corporations Act.