The Federal Court has reserved judgment on the appropriate penalty in proceedings brought by Australian Securities and Investments Commission (ASIC) against Noumi, regarding alleged historic breaches of the company's disclosure obligations.
ASIC launched the action against Noumi, its former CEO, Rory McLeod, and former CFO, Campbell Nicholas, for alleged disclosure breaches in 2018-19 and 2019-20. Noumi has cooperated with ASIC throughout the process and admitted breaches on a qualified basis based on information that was known or should have been known by McLeod and Nicholas.
ASIC and Noumi agreed on a $5 million civil penalty and $50,000 contribution to ASIC’s costs, which it presented to the court on 18 July. Federal Court Justice Ian Jackman reserved judgment.
Justice Jackman also made directions in relation to an application made by the plaintiffs in the class action that is underway in the Supreme Court of Victoria. The class action has sought orders under s1317QF of the Corporations Act 2001 that any penalty decided in the ASIC proceedings be paid into the court, pending the resolution of the class action. That has been set down for hearing on 6 August.
Noumi said that determination was unlikely to have an affect on the amount of the penalty and costs the court may order it to pay in the ASIC proceedings.
