Two Australian companies in the GFG Alliance group have paid infringement notices of $187,800 each, totalling $375,600, following their alleged failure to lodge audited financial reports for the year ended 30 June 2024 within the statutory timeframe.
Liberty Infrabuild Limited and its parent company Liberty Holdings Australia Pty Ltd, own or operate businesses involved in the manufacturing, distribution and processing of steel long products and the recycling of scrap steel in Australia and globally.
In the 2024 financial year, the group's sales revenue was $5.2 billion and the group had liabilities of $2.19 billion (excluding liabilities from related parties).
After failing to lodge by 31 October 2024, ASIC commenced inquiries with various GFG Alliance companies. Liberty Infrabuild subsequently lodged its financial report on 23 May 2025 with a qualified audit opinion, and Liberty Holdings Australia lodged on 15 September 2025 with a disclaimer audit opinion.
At the ASIC Annual Forum last week, ASIC Deputy Chair Sarah Court announced that financial reporting misconduct, including failure to lodge financial reports, would be an enforcement priority for ASIC in 2026.
'These reports provide critical information for investors, creditors and other stakeholders to make informed decisions.
'Delays in lodgement undermine market transparency and confidence, particularly where audit reports are modified or subject to disclaimer opinions,' the Deputy Chair said.
Payment of an infringement notice does not constitute an admission of guilt or liability, and the companies are not regarded as having been convicted of the alleged offence.
ASIC notes that both companies lodged their FY25 audited financial reports on time.
Background
GFG Alliance is a global group of businesses in industries including steel, aluminium, and energy.
GFG Alliance has significant operations in Australia, including Infrabuild, Whyalla Steelworks in South Australia run by OneSteel Manufacturing Pty Limited (which is currently in voluntary administration), Tahmoor Coal in New South Wales, and Liberty Bell Bay in Tasmania.
Separate civil proceedings were commenced in the Supreme Court of NSW in June 2025 against Whyalla Steelworks' parent Liberty Primary Metals Australia Pty Ltd (now in voluntary administration), Tahmoor Coal Pty Ltd, and Liberty Bell Bay Pty Ltd for their failure to lodge various annual financial reports at the time the proceedings were commenced. The current status of these proceedings are outlined in ASIC's media release: 25-141MR Three GFG Alliance Group companies ordered to lodge outstanding annual reports with ASIC.
Infringement notices
ASIC may issue an infringement notice if we believe, on reasonable grounds, that there has been a contravention of an infringement notice provision.
A company has an obligation to lodge audited financial reports with ASIC under s319(1) of the Corporations Act and contravention is an offence of strict liability. Based on the applicable penalty units at the time of the alleged offence, the maximum penalty a court can impose is $375,600 for each offence. Strict liability offences in the Corporations Act are infringement notice provisions and are issued at half the maximum penalty that a court could impose for the contravention.
More information
The specific reasons for ASIC's concerns are set out in the infringement notice on the Infringement Notices Register.
