| 14.02,20. 02:24 PM |
Kathmandu founder facing criminal charges over Bellamy's shareholding
Former Bellamy's Australia director Jan Cameron will appear in the Hobart Magistrates Court on criminal charges after an investigation by the Australian Securities and Investments Commission (ASIC).
In a statement ASIC said it alleged Ms Cameron failed to disclose ownership of millions of shares in Bellamy's, a maker of organic food and formula products for babies and children, as was required under law.
ASIC said when Bellamy's became a listed company on August 1, 2014, Ms Cameron and her associate, The Black Prince Foundation, began to have a substantial holding through 14 million shares.
That holding represented 14.74 per cent of Bellamy's total issued capital, and it is alleged Ms Cameron failed to disclose the interest as required.
Under the Corporations Act, if a person begins to have a holding of shares in a listed company that results in 5 per cent or more of voting power, they must lodge a substantial holder notice with the company and the Australian Securities Exchange.
ASIC is also alleging Ms Cameron lodged an initial substantial holder notice in 2017 that was misleading because it failed to disclose her relationship with Black Prince.
Bellamy's is based in Launceston in Tasmania's north.
Ms Cameron was a director between 2007 and 2011.
The matter is listed for mention in the Hobart Magistrate's Court on March 12.
Jan Cameron made her fortune as the founder of clothing and outdoor company Kathmandu.