Jan Cameron accused of a financial smokescreen to hide Bellamy’s shareholdings

A series of complicated financial manoeuvres was a deliberate attempt for a multi-millionaire to hold onto a company’s shares while concealing that fact, a court has heard.

A MULTI-millionaire used a complicated series of financial transactions as a smokescreen to hide her involvement with a Launceston company, the Hobart Magistrates Court has heard.

The allegations were made as part of an ongoing hearing against prominent Tasmanian businesswoman Jan Cameron, who appeared in court on Monday.

Ms Cameron has denied allegations she indirectly owned millions of shares of baby food company Bellamy’s and hid that fact from investors and the corporate watchdog ASIC.

Counsel for the prosecution Lincoln Crowley QC alleged Ms Cameron accomplished this via a series of complex financial manoeuvres.

Bellamy’s Organic baby food. Picture: PETER HEMPHILL

Mr Crowley said Ms Cameron sold her shares in Bellamy’s, then used her company Bicheno Investments to lend $23m to another company LENGKAP, which in turn lent $14m to Black Prince Private Foundation, which then bought 14 million shares in Bellamy’s.

Mr Crowley claimed that series of events was “no coincidence”, alleging it was a deliberate attempt for Ms Cameron to hold onto Bellamy’s shares while concealing this fact.

“It’s no coincidence, the prosecution says, the events and the sequence of events by which these arrangements take place,” Mr Crowley said.

“Common sense is a large part of the lens through which Your Honour is examining the circumstantial case.”

Mr Crowley argued that even if Ms Cameron was not fully aware of the “mechanism” by which she kept hold of her shares, she would still be guilty if she knew an arrangement of that nature was taking place.

Deputy Chief Magistrate Michael Daly said it was a complex case that he was still “trying to wrap [his] head around”.

The hearing is expected to continue over the coming days.

Deputy Chief Magistrate Michael Daly said he was still “trying to wrap [his] head around” the complex case.

Ms Cameron has pleaded not guilty to charges of making a false or misleading statement and failing to give information about substantial holdings, in regards to not publicly disclosing her indirect ownership of millions of shares of Bellamy’s and omitting the details of her shareholding in Bellamy’s within a document she submitted to ASIC.

Mr Crowley previously said Ms Cameron had stepped down as a director for Bellamy’s, which was previously known as Tasmania Pure Foods, “as a result of adverse reporting in the media’’ and fears her ongoing interest in the company could affect shareholders.