Former director of Bellamy’s Australia, Jan Cameron, has been fined $8000 following her conviction for using an offshore corporate structure to hide her substantial holdings in the infant milk formula company. The conviction also means she is automatically disqualified from managing corporations for five years.
Cameron was found guilty of failing to lodge a substantial holder notice regarding her interests in Bellamy’s and one count of making a false and or misleading statement to ASIC in December 2023. She was fined $3000 and $5000 respectively.
Cameron had been a director of Bellamy’s from May 2007 to May 2011.
Bellamy’s was listed on the ASX in August 2014. ASIC said that around that time Cameron and her company The Black Prince Foundation, based in Curacao, has a substantial holding of 14 million shares, which represented more than 14 per cent of Bellamy’s total issued capital and was its largest shareholder.
Section 671B of the Corporations Act requires anyone with a holding larger than 5 per cent must lodge a substantial holder notice with the company and ASX.
Cameron lodged a misleading initial substantial holder notice in February 2017 but ASIC said that notice failed to properly disclose her relationship with Black Prince Foundation.
At the same time, Cameron attempted to join the board and oust the existing members. While she failed, two of her associates were elected.
Ms Cameron has appealed the guilty finding to the Supreme Court of Tasmania.
