The corporate regulator has fined high-profile businesses, including Justin Hemmes’ Merivale hospitality group, fashion retailer Kookai, and the entity that operates pharmacies owned by Chemist Warehouse founders Jack Gance and Mario Verrocchi, for failing to file audited financial accounts on time.
The Australian Securities and Investments Commission issued infringement notices totalling $4.2 million after it said it was concerned that some large private companies were not being transparent about their financial performance, despite being legally required to do so.
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