Australian Securities and Investments Commission v Noumi Limited (No 4) [2024] FCA 1192

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v Noumi Limited (No 4) [2024] FCA 1192 File number: NSD 163 of 2023

Judgment of: JACKMAN J

Date of judgment: 17 October 2024

Catchwords: CORPORATIONS – continuous disclosure regime for entities listed on the Australian Stock Exchange – civil penalty – where first defendant in business of manufacturing and selling food products – where valueless inventory not written off – where revenue included invoices for unfulfilled purchase orders liable to cancellation – where declarations and pecuniary penalty made against the first defendant – where third defendant was the chief financial officer of the first defendant – where third defendant admits alleged contraventions

Legislation: Australian Securities and Investments Commission Act 2001 (Cth) s 12GBA Corporations Act 2001 (Cth) ss 79, 180, 206C, 206E, 674, 676, 677, 1309, 1317E, 1317G, Federal Court Act 1976 (Cth) s 21

Cases cited: ASIC v Blue Star Helium Limited (No 4) [2021] FCA 1578; (2021) 158 ACSR 196 ASIC v GetSwift Limited [2021] FCA 1384 ASIC v Healey (No 2) [2011] FCA 1003 ASIC v Healey (No 2) [2011] FCA 1003; (2011) 196 FCR 430 ASIC v Healey [2011] FCA 717; (2011) 196 FCR 291 ASIC v Helou (No 2) [2020] FCA 1650 ASIC v Holista Colltech Ltd [2024] FCA 244 ASIC v Maxwell [2006] NSWSC 1052; (2006) 59 ACSR 373 ASIC v Mercer Superannuation (Australia) Limited [2024] FCA 850 ASIC v Rich [2004] NSWSC 836; (2004) 50 ACSR 500 ASIC v Vines [2005] NSWSC 738; (2005) 55 ACSR 617 ASIC v Vocation Ltd (in liquidation) [2019] FCA 807; (2019) 136 ACSR 339 Australian Building and Construction Commission v Pattinson [2002] HCA 13; (2022) 274 CLR 450 Australian Building and Construction Commissioner v Construction, Forestry, Mining and Energy Union [2018] HCA 3; (2018) 262 CLR 157 Australian Competition and Consumer Commission v Giraffe World Australia Pty Ltd (No 2) (1999) 95 FCR 302 Australian Competition and Consumer Commission v TPG Internet Pty Ltd [2013] HCA 54; (2013) 250 CLR 640 Australian Securities & Investments Commission v Cash King Pty Ltd [2005] FCA 1429 Australian Securities and Investments Commission v Macquarie Bank Ltd [2024] FCA 416 Australian Securities and Investments Commission v Noumi [2024] FCA 862 Brand v Digi-Tech (Aust) Ltd [2002] NSWSC 416 Cassimatis v Australian Securities and Investments Commission [2020] FCAFC 52; (2020) 275 FCR 533 Commonwealth of Australia v Director, Fair Work Building Industry Inspectorate Construction, Forestry, Mining and Energy Union v Director, Fair Work Building Industry Inspectorate [2015] HCA 46; (2015) 258 CLR 482 Crowley v Worley Ltd [2022] FCAFC 33; (2022) 293 FCR 438 Cruickshank v Australian Securities and Investments Commission [2022] FCAFC 128; (2022) 292 FCR 627 Dean-Willcocks Pty Ltd v Commissioner of Taxation (No 2) [2004] NSWSC 286; (2004) 49 ACSR 325 Gill v Chief Executive Officer of Customs (2001) 166 FLR 125 Grant-Taylor v Babcock & Brown Ltd (in liq) [2016] FCAFC 60; (2016) 245 FCR 402 Kaur v Minister for Immigration and Border Protection [2014] FCA 281 Khan v Minister for Immigration and Citizenship [2011] FCA 75 Mayfair Wealth Partners Pty Ltd v Australian Securities and Investments Commission [2022] FCAFC 170 Medical Benefits Fund of Australia Ltd v Cassidy [2003] FCAFC 289; (2003) 135 FCR 1 Minister for Immigration, Local Government and Ethnic Affairs v Dela Cruz (1992) 34 FCR 348 Minister for Industry, Tourism and Resources v Mobil Oil Australia Pty Ltd [2004] FCAFC 72; (2004) ATPR 41-993 Morley v ASIC [2010] NSWCA 331; (2010) 81 ACSR 285 NW Frozen Foods Pty Ltd v ACCC (1996) 71 FCR 285 Productivity Partners Pty Ltd v ACCC [2024] HCA 27; (2024) 98 ALJR 1021 Re HIH Insurance Ltd (in prov liq) and HIH Casualty and General Insurance Ltd (in prov liq); ASIC v Adler [2002] NSWSC 483; (2002) 42 ACSR 80 Shafron v Australian Securities and Investments Commission [2012] HCA 18; (2012) 247 CLR 465 Singh v Minister for Immigration and Border Protection [2019] FCAFC 22 Singtel Optus Pty Ltd v Australian Competition and Consumer Commission [2012] FCAFC 20; (2012) 287 ALR 249 Trade Practices Commission v CSR Ltd [1991] ATPR 41-076 Vines v ASIC [2007] NSWCA 75; (2007) 73 NSWLR 451 Yorke v Lucas (1985) 158 CLR 661