Former Bellamy’s director charged following ASIC investigation

The ASIC has laid criminal charges on former director of Bellamy’s Australia, Jan Cameron, following an investigation into activity at the infant formula company between 2014 and 2017.

Cameron, also a co-founder of outdoor clothing company Kathmandu, will appear before the Hobart Magistrates’ Court on March 12 over ASIC allegations that she failed to disclose her interest in 14 million Bellamy’s shares, as required by law.

Cameron was a director of Launceston-based Bellamy’s between May 14, 2007 and May 5, 2011.

ASIC alleges that around August 2014, when Bellamy’s became a listed company, Cameron and her associate The Black Prince Foundation began a substantial holding that represented 14.74 per cent of Bellamy’s total issued capital.

Several years later, in February 2017, ASIC alleges that Cameron lodged an initial substantial holder notice with Bellamy’s that was misleading and failed to properly disclose her complete relationship with Black Prince.

Cameron has been charged with contravening section 671B(1) of the Corporations Act, which requires a person holding shares with 5 per cent or more voting power to lodge a substantial holder notice with the company and the ASIC, as well as section 1308(2) which states that a person must not make a false or misleading statement in a document required by the Act or lodged with ASIC.

The maximum penalty for contravening the latter is five years’ imprisonment or 200 penalty units or both.

Bellamy’s was sold to China Mengniu Dairy last year for $1.3 billion. AAP reports that Cameron earned $300 million from the deal.

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