Harry Hatch, also known as Hatgikyriazis, a former director of Copper Strike, has been convicted for failing to disclose his full shareholdings and for submitting misleading documents to the ASX, corporate watchdog ASIC reported.
On Nov. 19, the Melbourne Magistrates Court sentenced Hatch to six months imprisonment, with immediate release upon paying a $2,000 fine and agreeing to a 12-month good behaviour bond.
Between September 2016 and September 2019, while serving as a Copper Strike director, Hatch authorised multiple substantial holding notices and annual reports that omitted material information about his shareholdings, ASIC said.
He failed to disclose shares held through an associate’s brokerage account and used funds from Arden Health Supplies – where he has been director since 1996 – to finance the purchases.
ASIC, which is targeting a regulation overhaul, brought the case forward, highlighting the significance of accurate disclosures in maintaining market transparency.
ASIC deputy chair Sarah Court (pictured above) stressed the importance of directors meeting their legal obligations.
“As a director, Mr. Hatch failed to fulfil his legal obligations, acted dishonestly, and made false and misleading representations,” Court said. “Disclosure is fundamental to protecting Australian investors, and ASIC will take action where these protections are ignored.”
Magistrate Tara Hartnett noted that breaches of trust by company directors warrant sentences designed to deter others, reflecting the importance of maintaining integrity in publicly listed companies.
As a result of his conviction, Hatch is disqualified from managing corporations for five years.
His actions violated the Corporations Act 2001, which mandates disclosure of any relevant interest in shares, including voting rights or control over share disposal, ASIC said.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions after an ASIC investigation.
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