The Australian Securities and Stock Exchange Commission said on Monday that the Federal Court has ordered Isignitis Ltd, which is now trading in the name of South Cross Payments Ltd, to pay a $ 10 million penalty kick to violate the disclosure laws, while former CEO, Nicholas John Karantis, was fined one million dollars, and was appointed from the management of companies For six years.
According to a statement issued by the organizer, the court found that between 2018 and 2020, the payments company and the identity verification repeatedly failed to meet the obligations of continuous disclosure, provided wrong or misleading information to ASX, and distort its revenues.
It was deleted from ASX in November 2022.
Judge MCEVOY decided that this misleads investors by reducing one -time revenue, failing to reveal millions in one -time revenue and costs for the quarter of June 2018, and withhold information about the expiry of the visa in 2020.
It was found that Mr. Karantzis had violated his manager’s duties by failing to ensure the accuracy of disclosure and not to practice reasonable care.
The judge is said to have noticed that his tendency to reduce or justify misconduct has strengthened the need for both the specified and public deterrence.
Sarah Court, Vice President of ASEC, said that the result reflects the “repeated ignorance of the law” and the organization’s commitment to protect the safety of the market.
Judge MCEVOY added that investors have the right to anticipate transparency and accuracy, and warn of “rotation and confusion” in market disclosures.
The sanctions follow a former responsibility against ISIGNITS and Mr. Carantzis earlier this year.