Former public company director, Harry Hatch (Hatgikyriazis), of North Melbourne, Victoria, has been convicted and sentenced for failing to disclose the total number of Copper Strike Limited shares he held, contrary to the Corporations Act 2001.
Mr Hatch was sentenced to six months imprisonment to be released immediately after paying a $2,000 fine on the condition that he be of good behaviour for 12 months.
Mr Hatch appeared in the Melbourne Magistrate Court on 19 November 2024 and pleaded guilty to one charge of authorising omissions in documents required by the Corporations Act of his relevant interest in shares held in Copper Strike.
The Court heard that on six occasions between 6 September 2016 and 26 September 2019, Mr Hatch, as a director of Copper Strike, authorised the release of substantial holding notices and annual reports that were materially misleading.
ASIC Deputy Chair, Sarah Court said, ‘As a director, Mr Hatch failed to fulfil his legal obligations, acted dishonestly and made false and misleading representations. Disclosure is fundamental to protecting Australian investors and ASIC will take action where these protections are ignored.’
Her Honour Magistrate Hartnett remarked that this type of offending committed by directors of publicly listed companies, will attract a sentence that would deter others from engaging in the same conduct, as they hold a position of trust.
Due to his conviction for the offence, Mr Hatch is disqualified from managing corporations for a period of five years.