Wednesday 13 September 2006 LAWFUEL – Australia Law News – Mr Richard Zbigniew Opara, of Sovereign Island on the Gold Coast, appeared in the Southport Magistrates Court on 6 September 2006 and pleaded guilty to one charge of failing to notify the Australian Stock Exchange (ASX) of a change to relevant interest in a company, following an investigation by the Australian Securities and Investments Commission (ASIC). The charge relates to Mr Opara’s failure to disclose his interest in shares of Australian Cancer Technology Limited (ACU), a company of which he is a director, to the ASX, within 14 days after a change in his relevant interest, as required under the Corporations Act. On 7 May 2004, while a director of ACU, Mr Opara was appointed as a director of Willow Australia Pty Ltd (Willow).
Mr Opara failed to disclose his interest in 10,000,000 shares of ACU held by Willow until 21 September 2004, four months after he was required to do so. Mr Opara pleaded guilty to the charge and was released on a recognizance of $1,000 to be of good behaviour for a period of 12 months. No conviction was recorded. The charge was prosecuted by the Commonwealth Director of Public Prosecutions. Background Under the Corporations Act, both directors and substantial shareholders are required to disclose changes to relevant interests in shares to the relevant market operator, in this case, the ASX, within 14 days after a change in those interests.
Mr Opara’s non-compliance was identified as part of ASIC’s joint campaign with the ASX, announced in October 2005, to increase awareness among listed public company directors of their obligations under the Listing Rules and the Act, and to ensure a high level of compliance (see ASIC media release 05-324: ASIC and the ASX urge directors to notify market operators of shareholdings). For further information contact: Allen Turton Deputy Executive Director Enforcement Telephone: 02 9911 2338 Mobile: 0411 549 236 Angela Friend ASIC Media Unit Telephone: 03 9280 3338 Mobile: 0412 058 800List your legal jobs on the LawFuel Network