Jan Cameron fined $8000 for misleading market over Bellamy’s stake

Max MasonSenior reporter

Mar 28, 2024 – 6.00pm

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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 Australian Securities and Investments Commission sued Cameron in February 2020 for her use of the Black Prince Private Foundation, an entity based on the Caribbean island of Curacao, a known tax haven.

Jan Cameron holds a paper in front of her face outside court in December. Peter Mathew

In December, Cameron, once one of the wealthiest businesswomen in the country, was found guilty of two criminal charges levelled against her by the watchdog. She is appealing the conviction in the Tasmanian Supreme Court.

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.

Cameron was found to have used the Black Prince vehicle to hide that she was controlling a 15 per cent stake in Bellamy’s, and she misled the market from 2014 onwards, including in a 2017 substantial shareholder notice.

On Thursday, Hobart Magistrate’s Court deputy chief magistrate Michael Daly said Cameron had many references to the court attesting to her character that he had taken into account, as well as the fact the entrepreneur had no prior offending despite a storied career.

“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.

“Ms Cameron, on charge one I record a conviction, I impose a fine of $3000, on charge two I record a conviction and impose a fine of $5000.”

“As a result of her conviction, Ms Cameron is automatically disqualified from managing corporations for five years,” ASIC said in a statement.

However, during the sentencing hearing, her legal team indicated that there would probably be an application in another court to appeal the ASIC disqualification because of the consequences on jobs in her ventures and her philanthropic work.

Ms Cameron was initially charged in 2020. Her trial finished in November 2021. Judgment was delivered more than two years later in December 2023.

Max Mason covers insolvency, courts, regulation, financial crime, cybercrime and corporate wrongdoing. A Walkley Award winner, Max's journalism has also received awards from the National Press Club of Australia, the Kennedy Awards and Citibank. Connect with Max on Twitter. Email Max at max.mason@afr.com