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Shareholder in company/no financial report

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DAAK View Drop Down

Joined: 01/February/2019
Location: Australia
Posts: 1
  Quote DAAK Quote  Post ReplyReply Direct Link To This Post Topic: Shareholder in company/no financial report
    Posted: 01/February/2019 at 18:27
I invested a huge amount as an shareholder in an proprietary company in australia - asic registered. They promised me to pay first dividend after the first trading year and from the contracts normally they need to file me an financial reports 90 days after the trading year. But now it is already 7 months after the first trading year and they provided still no financial report. From the Ceo and Director of the company I get no answers to any questions. No one is available anymore, although they are running other companies in Australia that are very active online and offline. What to do now? Is there any law in australia? Is there no special right to protect or support investors in Australia in such cases? It is frustrating to see that other businesses are actively running, but in the company where I invested these people are no longer available Thanks!

citizen-joe View Drop Down
Senior Member
Senior Member

Joined: 09/October/2005
Location: Australia
Posts: 692
  Quote citizen-joe Quote  Post ReplyReply Direct Link To This Post Posted: 01/February/2019 at 19:02
You make complaint to ASIC if the company has failed to do what it is legally required to do. But don't hold your breath if ASIC does not reply. Go and see your local member if that turns out to be the case, after all ASIC are a statutory body responsible to the Australian government, so it is the government who need to follow this up if ASIC fail to act.

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