Gina Rinehart’s companies face court for financial lodgement failures

Gina Rinehart

Gina Rinehart’s company Hancock Prospecting has been charged by The Australian Securities and Investments Commission for failing to submit annual financial reports on time.

ASIC said Hancock Prospecting, Hancock Minerals and Hope Downs Iron Ore made 13 breaches of the Corporations Act which states financial reports are due within four months after the end of the financial year.

The charges cover the years 2008 to 2012.

Hancock Prospecting has previously challenged the need to lodge the documents arguing they would reveal commercial sensitivities.

Hancock Prospecting and Hope Downs Iron Ore’s long-overdue annual reports from 2010 and 2011 were filed with ASIC on December 24, 2012.

This means the 2010 reports were 785 days late when submitted.

The matter is due before the Perth Magistrates Court on May 14 after a brief hearing on Thursday in which no plea was entered.

ASIC said the Commonwealth Director of Public Prosecutions is prosecuting the matter.

The maximum penalty for each offence relating to failing to lodge financial reports is $13,750.

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