Tasmanian multimillionaire Jan Cameron has been fined and convicted for concealing a $14 million shareholding in baby food giant Bellamy’s Australia.
The Kathmandu founder was charged by the Australian Securities and Investments Commission (ASIC) in 2020 for failing to disclose substantial holdings and making false statements, charges to which Cameron had previously pleaded not guilty.
During an appearance in the Hobart Magistrates Court on Thursday, Cameron’s actions, as reported by the ABC, were described by Deputy Chief Magistrate Michael Daly as “serious”.
He said she was an “experienced and sophisticated investor and director” and a “person of the highest character”.
“Her references speak highly of her and I have given her references very significant weight,” he said.
“Until these two incidents, the defendant has led not only a blameless life, but one where her remarkable philanthropic nature was prodigious, widespread and has led to the wellbeing of multiple sectors of the Australian community.”
Daly convicted her on both counts and imposed a total fine of $8,000, automatically disqualifying her from managing or directing a company for five years due to the breach of the Commonwealth Corporations Act.
Cameron has filed an appeal in the Supreme Court of Tasmania against her guilty verdict and is awaiting a ruling.
She is one of Tasmania’s wealthiest residents and formerly one of Australia’s richest women.
