Konica Minolta Business Solutions Australia failed to lodge financial reports to ASIC for three years

Konica Minolta Business Solutions Australia was found to have failed to lodge financial reports to the Australian Securities and Investments Commission (ASIC) for three consecutive years.

The company was one of ten companies named by ASIC for failing to lodge financial reports, finding that Konica Minolta did not do so from 2017 to 2019.

The regulator said the company was found guilty without conviction.

A Konica Minolta spokesperson told CRN, "Konica Minolta is committed to compliance with all its legal obligations, and has procedures in place to ensure that all documents are lodged with the ASIC in a timely manner."

"No conviction has been recorded against Konica Minolta with respect to the lodgement of its financial statements for the years 2017-2019 and Konica Minolta has lodged its financial report for the financial years ending 31 March 2020 and 2021 with ASIC within time and in accordance with the requirements of the Corporations Act."

ASIC requires certain companies to lodge financial statements and reports every year, specifically – public companies, Tier 2 public companies limited by guarantee, registered schemes, large proprietary companies, foreign-controlled small proprietary companies, and small proprietaries or small companies limited by guarantee that is requested by ASIC. Some are also required to lodge every half year.

The lodgement is guaranteed by the Corporations Act, specifically Section 292.

Section 319 also requires companies to lodge the complete financial reports within three or four months after the end of the financial year, depending on the company type.

The other companies named by ASIC were Bargo Collieries Pty Ltd, Envisager Securities Ltd, Gasfields Ltd, Hail Creek Coal Pty Ltd, Harsco Metals Australia Holding Investment Co. Pty Ltd, Oceania Resources Pty Ltd, Redbank Energy Ltd, Vocational Education, Training and Employment Australia Ltd and Wolf Petroleum Ltd.

Updated 2:50pm 3 August 2021: Added comment from Konica Minolta Business Solutions Australia.

Updated 6 August 2021: ASIC has updated its announcement, stating that Konica Minolta Business Solution was not placed in a good behaviour bond.