The corporate regulator has taken court action against three companies owned by the financially troubled GFG Alliance for failing to lodge annual reports.
The Australian Securities and Investments Commission (ASIC) said on Friday it was pursuing Liberty Primary Metals Australia, Liberty Bell Bay and Tahmoor Coal in the Supreme Court of New South Wales.
Liberty Primary Metals was the parent company of the Whyalla Steelworks until February, when the South Australian government forced it into administration for failing to pay tens of millions of dollars in royalty payments to the government, and millions in unpaid bills to creditors.
Tahmoor Coal is a coal mining operation in New South Wales which has been shut down since February after failing to pay its suppliers.
Liberty Bell Bay is a manganese smelter in Tasmania’s north which announced last month it would enter a period of limited operations due to ore supply issues and the pressure that was placing on inventory and working capital.
The company has since said it has taken steps to secure a shipment of ore from its supplier.
ASIC said Liberty Primary Metals Australia and Tahmoor Coal failed to lodge annual reports for the 2024 financial year.
Meanwhile, ASIC said Liberty Bell Bay had failed to lodge any financial reports with ASIC since 2021.
ASIC is seeking a court order to direct the companies to lodge the outstanding reports.
The federal and Tasmanian governments and Tasmania’s Labor opposition have repeatedly called for transparency from Liberty Bell Bay about the state of its finances.
“The Australian government — and the Tasmanian government, local staff, unions and affected communities — need much more transparency about the state of the business and the decision to halt operations,” Industry Minister Tim Ayres said in May.
GFG Alliance is owned by British industrialist Sanjeev Gupta.
The company has been contacted for comment.