Just came across this on ASIC. Has anybody else seen this or know about it? Like what I read so far online till I came across this. Doing my own research but just hit a curb, see below. Can anyone enlighten the situation.
Tuesday 15 September 2015 15-253MR Waratah Resources executive chairman charged with misleading the market
Waratah Resources Limited's executive chairman has been charged with offences under the Corporations Act for allegedly issuing false information to the market and assisting the company to breach its continuous disclosure obligations.
Represented in Sydney's Downing Centre local court today, Benjamin David Kirkpatrick has been charged with knowingly authorising false or misleading information relating to Waratah Resources being made available to the Australian Securities Exchange (ASX).
Mr Kirkpatrick, 44, of Tamarama, has also been charged with aiding and abetting Waratah Resources in its failure to promptly notify the ASX of material information relating to the shares of Waratah Resources in accordance with 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 further alleges that between 14 and 25 October 2013, Mr Kirkpatrick failed to correct this announcement, thereby causing Waratah Resources to breach its continuous disclosure obligations.
The matter was adjourned until 10 November 2015.
The Commonwealth Director of Public Prosecutions is prosecuting this matter. Background
Both offences carry a maximum penalty of five years jail and/or a $34,000 fine. Editor's note 1:
The matter was before the Magistrates Court on 10 November 2015 and was adjourned for further mention on 22 December 2015. Editor's note 2:
Mr Kirkpatrick's mention was brought forward to 15 December 2015. At the mention, he requested leave to file submissions for his committal. He has until 15 January 2016 to file them, the next mention date is 2 February 2016.
MBM Price at posting:
0.9¢ Sentiment: Buy Disclosure: Not Held