Already a subscriber?Kathmandu founder Jan Cameron has escaped with an $8000 fine after being found guilty of using an offshore corporate structure to hide that she controlled 14 million shares in baby formula group Bellamy’s Australia.
The case pitted Cameron against her long-time former banker and friend Jon Adgemis, KPMG’s former head of mergers and acquisitions, who was the star witness for the corporate regulator. “In my view, a conviction and fine – noting the major component, in practical terms, it will appear the conviction will impose the appropriate penalty in relation to Ms Cameron and her offending,” he said.
“As a result of her conviction, Ms Cameron is automatically disqualified from managing corporations for five years,” ASIC said in a statement.
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