Jan Cameron fined $8000 for misleading market over Bellamy’s stake

  • 📰 FinancialReview
  • ⏱ Reading Time:
  • 28 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 90%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

Once one of the wealthiest women in the country, the Kathmandu founder had been found guilty of hiding her big stake in the baby formula group.

Already a subscriber?Kathmandu founder Jan Cameron has escaped with an $8000 fine after being found guilty of using an offshore corporate structure to hide that she controlled 14 million shares in baby formula group Bellamy’s Australia.

The case pitted Cameron against her long-time former banker and friend Jon Adgemis, KPMG’s former head of mergers and acquisitions, who was the star witness for the corporate regulator. “In my view, a conviction and fine – noting the major component, in practical terms, it will appear the conviction will impose the appropriate penalty in relation to Ms Cameron and her offending,” he said.

“As a result of her conviction, Ms Cameron is automatically disqualified from managing corporations for five years,” ASIC said in a statement.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines