Three public companies have been fined a combined $1,170,000 in a single day at the Downing Centre Local Court for failing to meet their obligations as public companies.
As a public company, each is required by law to provide financial reports to ASIC and report to its members, amongst other obligations. These reporting requirements are in place to help shareholders and those dealing with these businesses to make informed decisions, and support the integrity of Australia's financial system.
This latest outcome is a part of ASIC's enforcement focus in 2026 on non-lodgement of financial reports.
The three companies fined are:
- Urban Ecological Systems Limited (ACN 113 695 837) is involved in developing, producing, and operating food production systems. The company developed Blue Farms, a commercial scale farming system in China. It was convicted of failing to lodge annual reports for the financial years between 30 June 2020 to 30 June 2025 and fined $240,000.
- Invitrocue Limited (ACN 009 366 009) is a life sciences company that performs in vitro screenings on patient-derived organoids to provide oncologists with personalised treatment for patients. It was convicted of failing to lodge annual reports for the financial years between 30 June 2020 and 30 June 2025, and for failing to have at least three directors in the period between 29 May 2023 and 22 January 2026. Invitrocue Limited was fined $530,000.
- Boyuan Holdings Limited (ACN 608 897 963) is a property development company which has reportedly been linked to a project which left home buyers out of pocket. It was convicted of failing to lodge annual reports for the financial years between 31 December 2020 and 31 December 2024. Further, it failed to have at least one secretary for the period between 15 July 2023 and 30 January 2026 and at least three directors in the period between 15 February 2023 and 30 January 2026. Boyuan Holdings Limited was fined $400,000.
The companies were convicted and fined on 17 March 2026.
Background
Failure to lodge full-year financial reports with ASIC is a breach of sections 319(1) and 1311(1) of the Corporations Act.
Failing to meet minimum officeholder requirements is a breach of sections s201A(2), 204A(2) and 1311(1) of the Corporations Act.
