ASIC Registered Proprietary Company - No Financial Report?

[DAAK]

I invested a huge amount as a shareholder in a proprietary company in Australia - asic registered. They promised me to pay first dividend after the first trading year and from the contracts normally they need to file me an financial reports 90 days after the trading year. But now it is already 7 months after the first trading year and they provided still no financial report.

From the Ceo and Director of the company, I get no answers to any questions. No one is available anymore, although they are running other companies in Australia that are very active online and offline.

What to do now? Is there any law in Australia? Is there no special right to protect or support investors in Australia in such cases? It is frustrating to see that other businesses are actively running, but in the company where I invested these people are no longer available.

Thanks!

 

[Rod]

Directors have responsibilities to shareholders and it sounds like they may well be in breach of those duties.

If you can, go to where their office is located and ask to inspect the books. You may need to arrange an appointment first.

Let us know how you go.