3 companies fined nearly $1.2m in total for financial reporting breaches

Three public companies have been fined a combined $1,170,000 at the Downing Centre Local Court for failing to meet their obligations as public companies.

In a public statement, ASIC said the companies were fined for breaching their financial reporting and company officer obligations.

The first company, Urban Ecological Systems Limited, is involved in developing, producing, and operating food production systems. The company was convicted of failing to lodge annual reports for the financial years between 30 June 2020 to 30 June 2025 and fined $240,000.

The second company, Invitrocue Limited, is a life sciences company that performs in vitro screenings on patient-derived organoids to provide oncologists with personalised treatment for patients.

Invitrocue was convicted of failing to lodge annual reports for the financial years between 30 June 2020 and 30 June 2025, and for failing to have at least three directors in the period between 29 May 2023 and 22 January 2026. Invitrocue Limited was fined $530,000.

Boyuan Holdings Limited, a property development company, was the other company fined. It was convicted of failing to lodge annual reports for the financial years between 31 December 2020 and 31 December 2024.

ASIC said it also failed to have at least one secretary for the period between 15 July 2023 and 30 January 2026 and at least three directors in the period between 15 February 2023 and 30 January 2026. Boyuan Holdings Limited was fined $400,000.

The corporate regulator noted that failure to lodge full-year financial reports with ASIC is a breach of sections 319(1) and 1311(1) of the Corporations Act.

Failing to meet minimum officeholder requirements is a breach of sections s201A(2), 204A(2) and 1311(1) of the Corporations Act, it said.

ASIC said that public companies are required by law to provide financial reports to ASIC and report to its members, amongst other obligations.

"These reporting requirements are in place to help shareholders and those dealing with these businesses to make informed decisions, and support the integrity of Australia’s financial system."

Earlier this week, ASIC also reported that three proprietary companies associated with beauty retailer Mecca Group had paid $594,000 in infringement notices after allegedly failing to lodge audited financial reports on time.

Mecca Brands Pty Ltd, Mecca Brands NZ Pty Ltd and RTCH Pty Ltd each paid an infringement notice of $198,000 after allegedly failing to lodge audited financial reports for the year ended 28 December 2024 within the statutory timeframe. The reports were due by 28 April 2025.

ASIC began inquiries with Mecca in July 2025, and the companies lodged its financial statements shortly after being contacted by ASIC.

The corporate regulator warned that financial reporting misconduct, including failure to lodge financial reports, would remain an enforcement priority for ASIC this year.

ASIC’s focus on non-lodgment of financial reports extends beyond individual matters and includes targeted, data-driven surveillance and enforcement action.

In 2025, ASIC engaged with 217 companies as part of a surveillance into non-lodgement of financial reports. That work identified 151 companies that were non-compliant with their financial reporting obligations for one or more financial years.

"As a result of this work, twelve large proprietary companies received infringement notices for allegedly failing to lodge their FY24 audited financial reports on time," ASIC said.

"ASIC is continuing this work in 2026 through an expanded surveillance program focused on non-lodgement and persistent late lodgement of financial reports. The current program uses a data-driven, risk-based approach and extends beyond large proprietary companies to include other companies with financial reporting obligations."