Former Bellamy's director Jan Cameron faces criminal charges — ASIC

Marco Green
February 16, 2020

Ms Cameron, the founder of outdoor apparel brand Kathmandu, faces a maximum penalty of five years imprisonment.

The corporate cop has hit Ms Cameron - one of the nation's most successful female entrepreneurs - with criminal charges.

Bellamy's is based in Launceston in Tasmania's north.

The size of her holding only came to light during a fierce battle to overthrow the board of Bellamy's in 2017.

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. Curacao is a Caribbean island favoured by the super-wealthy for its tax and privacy advantages.

ASIC said Cameron's 14.74 per cent stake was almost triple the 5.0 per cent Corporations Act threshold that dictates when a person must lodge a substantial holder notice.

According to ASIC, Cameron failed to properly disclose her true and complete relationship with Black Prince, and the basis upon which she held her interest in the company.

The charges relate to Jan Cameron's involvement in infant formula maker Bellamy's across the Tasman.

This was taken as a sign by onlookers that she would not stand in the way of the sale.

Former Bellamy's chief executive Laura McBain. Such notices require shareholders, in this case Black Prince, to disclose details of all people with relevant interests.

Bellamy's was taken over past year by Chinese dairy group, Mengniu. It also alleges that nearly three years later, on or around 15 February 2017, Cameron lodged with Bellamy's a misleading initial substantial holder notice.

Cameron, who made her fortune from Kathmandu, was director in Bellamy's between 2007 and 2011.

A mention hearing is scheduled in Hobart Magistrates' Court on 12 March 2020.

Other reports by Click Lancashire

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