Rinehart firms fined over annual reports

Hancock Prospecting, Hancock Minerals and Hope Downs Iron Ore have been fined $130,000 for failing to lodge annual financial reports on time.

Gina Rinehart

Three of Gina Rinehart's companies have been fined $130,000 for lodging financial reports too late. (AAP)

Three of Gina Rinehart's companies have collectively been fined $130,000 for lodging their financial reports too late.

The fines were issued on Monday after Hancock Prospecting, Hancock Minerals and Hope Downs Iron Ore pleaded guilty in the Perth Magistrates Court to 13 charges of contravening a provision of the Corporations Act.

The Australian Securities and Investments Commission said the companies failed to submit multiple financial reports on time between 2008 and 2012.

Accounts must be lodged within four months of their balance date.

"Financial accounts hold important information for shareholders, creditors and the public to help them make informed decisions," ASIC Commissioner Greg Tanzer said.

But Hancock Prospecting questioned the merit of the corporate watchdog pursuing the companies, saying that came after all the annual returns were filed.

It said it had lawfully sought relief, as a private company, from having to file.

"All taxes were paid on time ... during the period in question," Hancock Prospecting said in a statement.

"Since 2008, the Hancock Prospecting Group has paid billions of dollars in taxation.

"This prosecution highlights questions as to why some private companies must file annual accounts with a government agency even when timely paying tax, while others do not."

ASIC said it would continue to take action against companies who fail to meet their financial reporting obligations.


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Source: AAP


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