Australian Securities and Investments Commission v Australian Mines Limited [2023] FCA 9

Australian Securities and Investments Commission v Australian Mines Limited [2023] FCA 9

AML, by formal admission, contravened s 674(2) of the Corporations Act 2001 (Cth) on three occasions relating to its continuous disclosure obligations. The contraventions were serious. Declaratory orders and a pecuniary penalty of $450,000, with costs, are appropriate and commensurate with the requirements of deterrence and public interest given the admitted facts and mitigative circumstances.

Jurisdiction
Australia
Judgment Date
13 January 2023
Procedural Posture
Civil / Final Judgment
Outcome
declaratory orders made; pecuniary penalty imposed; costs awarded
Legal Topics
['continuous Disclosure' 'pecuniary Penalties' 'false or Misleading Statements' 'declaratory Relief' 'asx Listing Rules']
['corporations Law'] ['continuous Disclosure' 'pecuniary Penalties' 'false or Misleading Statements' 'declaratory Relief' 'asx Listing Rules']

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 1 Authorities cited 2 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Procedural Posture

Civil / Final Judgment

Legal Issues

  1. 1 ['Did Australian Mines Limited contravene its continuous disclosure obligations under s 674(2) of the Corporations Act 2001 (Cth)?' 'Were the contraventions serious within the meaning of s 1317G(1A)(c)(iii)?' 'Is a pecuniary penalty and declaratory relief appropriate for the contraventions?']

Ratio Decidendi

AML, by formal admission, contravened s 674(2) of the Corporations Act 2001 (Cth) on three occasions relating to its continuous disclosure obligations. The contraventions were serious. Declaratory orders and a pecuniary penalty of $450,000, with costs, are appropriate and commensurate with the requirements of deterrence and public interest given the admitted facts and mitigative circumstances.

Court Disposition

declaratory orders made; pecuniary penalty imposed; costs awarded

Orders

  • ['Declarations of contravention by AML for three breaches of s 674(2) of the Corporations Act 2001 (Cth).' 'AML to pay the Commonwealth of Australia a pecuniary penalty of $450,000, $225,000 within 60 days, balance within 180 days.' 'AML to contribute $55,550 to ASIC’s costs within 60 days.']