Integrated Media Technology Limited fined in court after failing to provide reports to ASIC between 2021 and 2024
An Adelaide-based multimillion-dollar tech company listed on the US stock exchange has been fined after failing to lodge key reports.
A multimillion-dollar international tech company has been fined after failing to provide critical financial reports to the corporate watchdog.
In the Adelaide Magistrates Court on Tuesday, Integrated Media Technology Ltd was sentenced by Magistrate Patrick Hill having been prosecuted by the Australian Securities and Investments Commission.
IMTL had, in August, been convicted in an ex parte hearing of eight counts of failing to lodge reports with ASIC between 2021 and 2024.
During sentencing, Mr Hill accepted the company – which specialises in “technology investment, product development, and distribution” – was currently in “difficult financial circumstances” following its prosecution.
“In 2022, there was a breakdown in the relationship between the defendant and their accountant, resulting in them parting ways with the defendant’s books up to date until 2020,” Mr Hill said.
“The defendant then had difficulty obtaining new accountants. It’s been submitted – and I accept – that there were difficulties resulting from the fact that the defendant trades in America on the US stock exchange, and that the accountants the defendant approached were not insured to prepare books on their behalf from where they traded in the US.
“Their present accountant was not engaged until March 2025 and the present accountant agreed to settle the books by the end of April but didn’t meet that deadline – hence the prosecution which resulted.”
Mr Hill acknowledged that all outstanding reports had since been filed.
It was submitted to the court that IMTL remained $600,000 in debt and were “reliant on continued support”.
The company was established in Adelaide in 2008 and has since expanded to the United States.
On its website, the company describes itself as “mainly engaged” in the selling of nano-coated plates for filters, electronic glass, Halal certification and distribution of Halal products, and new energy products and services.
On Tuesday, Mr Hill ordered IMTL to pay a fine of $60,000 – which was reduced to $45,000 after he acknowledged the company’s “contrition”.
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Originally published as Integrated Media Technology Limited fined in court after failing to provide reports to ASIC between 2021 and 2024
