A Tasmanian-based food producer’s former director is set to face court in Hobart on criminal charges
The former director of Launceston-based baby formula producer Bellamy’s, Jan Cameron, will appear on criminal charges following an investigation by the Australian Securities and Investments Commission.
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THE former director of a Tasmanian baby food company is due to face court on criminal charges.
Janet Cameron, 67, the former director of Launceston-based baby formula producer Bellamy’s, will appear before Hobart’s Magistrates Court on criminal charges following an investigation by the Australian Securities and Investments Commission.
She has been charged with contravening sections 671B(1) and 1308(2) of the Corporations Act, with charges listed for a mention hearing on March 12.
ASIC alleges when Bellamy’s became a listed company Ms Cameron began to have a substantial holding in a listed company through a holding of 14 million Bellamy’s shares.
That holding represented 14.74 per cent of Bellamy’s total issued capital and it is alleged in August 2014 Ms Cameron failed to disclose that interest as required.
It is also alleged Ms Cameron lodged with Bellamy’s an initial substantial holder notice that was misleading on the basis that it failed to properly disclose her true and complete relationship with her associate, The Black Prince Foundation, and the basis upon which she had an interest in 14 million Bellamy’s shares.
Under section 671B of the Corporations Act, a person must, if they begin to have a holding of shares in a listed company that results in 5 per cent or more of voting power, lodge a substantial holder notice with the company and the relevant market operator.
The maximum penalty applying in August 2014 for failing to lodge a substantial holder notice was six months’ imprisonment or 25 penalty units, or both.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
Ms Cameron is one of Tasmania’s richest people and made her fortune as founder of the Kathmandu company.
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