Retailers White Fox, Grill’d, MJ Bale face major fines under ASIC crackdown

Big-name Australian retailers are among the 12 businesses that have been fined a collective $2.2m in a major ASIC crackdown.

White Fox has been one of 12 large businesses fined by ASIC. Picture: White Fox Boutique

Some of Australia’s most high-profile retailers including White Fox, Grill’d and MJ Bale have been fined hundreds of thousands of dollars in the latest round of infringement notices.

The Australian Securities and Investments Commission (ASIC) has issued 12 breaching notices to businesses for failing to lodge their financial year 2024 audited financial reports on time.

All 12 companies have been ordered to pay at least $187,800 - a collective $2.2m - in fines.

White Fox has been one of 12 large businesses fined by ASIC. Picture: White Fox Boutique

ASIC commissioner Kate O’Rourke says large businesses have a legal obligation to provide financial reports to ensure businesses dealing with them can make informed decisions.

“ASIC is concerned by the substantial number of companies that appear to have not met their obligations either by lodging late or failing to lodge at all,” she said.

“We also remind auditors of these entities to notify ASIC if they are aware or suspect that a company is not complying with its lodgement obligations.”

Headlining the fines was online fashion retailer White Fox.

They are not the only fashion label to make the list, with Australian designer fashion brand Aje, luxury menswear brand MJ Bale, and family-run luxury jeweller Paspaley Pearl all facing the corporate watchdog.

Son of billionaire retailer Solomon Lew, Steven, also featured on the list with his company Global Retail Brands copping a fine.

Grill’d was also fined as part of the crackdown. Picture supplied.

MJ Bale also face fines. Picture supplied.

Bing Lee Electronics, Bob Jane Corporation, Frank Greene, Harris Scaff McCain Foods, Outdoor Supacentre and Grill’d round out the list.

The 12 large businesses all face fines from ASIC due to the Corporations Act requiring large proprietary businesses to prepare and lodge financial reports to the corporate cop.

Failure to do so within four months can result in fines.

To count as a “ large proprietary company” a business must meet two of the three criteria being consolidated revenue of $50m or more, consolidated gross assets of $25m or employee more than 100 people.

As part of the crackdown, ASIC says it examined data from 217 companies which 70 per cent were non-compliant for failing to lodge their financial reports.

ASIC contacted businesses who may have breached the non-lodgement of financial reports.

“ASIC calls on the directors of large proprietary companies and other entities with financial reporting obligations to proactively review their reporting obligations and ensure financial reports are lodged in a timely manner,” Ms O’Rourke said.