On 24 August 2021, The Roadships Group Pty Ltd (Roadships Group), Roadships Cycclone Pty Ltd (Roadships Cycclone) and NSW director Robert George McClelland appeared before Downing Centre Local Court, where they were charged with failing to comply with notices issued under the ASIC Act.
Roadships Group and Roadships Cycclone were each charged with failing to comply with notices to produce books and records to ASIC on and from 19 December 2019. ASIC requested the books and records in the course of an investigation.
Mr McClelland was charged with aiding, abetting, counselling or procuring the companies' failure to comply with notices to produce books and records to ASIC.
The matter has been adjourned to 5 October 2021.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
Background
Under the Australian Securities and Investments Commission Act 2001 (ASIC Act), ASIC has information gathering powers that allow it to perform or exercise its functions. These powers include requiring companies and individuals to produce books and records to ASIC. Information Sheet 145 has more information about ASIC's compulsory information gathering powers.
Failing to produce books and records to ASIC when required is a breach of s63(1) of the ASIC Act and carries a maximum penalty for an individual of two years imprisonment and/or a fine of $50,400 and for a company a fine of $504,000.
