The CEO of Waratah Resources has pled guilty to charges of misleading the market.
ASIC brought charges against the company head Benjamin David Kirkpartick of “aiding and abetting the company to breach its continuous disclosure obligations”.
“The conduct relates to a company announcement on 14 October 2013 asserting that Waratah Resources had established a $100 million trade finance facility with the Bank of China when no such facility had been established or agreed upon,” ASIC said.
“Between 14 and 25 October 2013, Kirkpatrick failed to correct this announcement, thereby causing Waratah Resources to breach its continuous disclosure obligations.”
Kirkpartrick pled guilty, and asked the court to take into account his admittance of guilt relating to his authorisation of false information to the market.
The Commonwealth Director of Public Prosecutions is currently prosecuting, with Kirkpatrick committed to the NSW District Court for sentencing.
Typically, continuous disclosure offences carry a maximum penalty of five years jail and a $34,000 fine.