ASIC Fines Merivale, Kookai Over Late Accounts
The corporate regulator has issued infringement notices totalling $4.2 million to several large private companies.
Updated on Nov. 3, 2026 in Corporate Finance
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The Australian Securities and Investments Commission has issued infringement notices totalling $4.2 million to Merivale, Kookai, and an entity linked to Chemist Warehouse founders Jack Gance and Mario Verrocchi. The companies failed to file audited financial accounts on time.
Why it matters
ASIC said it was concerned that some large private companies were not being transparent about their financial performance. Large private companies are legally required to make their financial performance transparent, and the penalties signal that late filings will be enforced across Australia.
ASIC issued infringement notices totalling $4.2 million for late filing of audited financial accounts. The split of the penalty between the companies and any response from them have not been detailed in the source material.
The players
Australian Securities and Investments Commission (ASIC)
ASIC is Australia's corporate, markets and financial services regulator, responsible for enforcing company filing obligations under the Corporations Act.
Merivale
Merivale is a major Australian hospitality group operating restaurants, bars and venues across the country.
Kookai
Kookai is an Australian fashion retailer known for its women's clothing chain with stores across the country.
Chemist Warehouse
Chemist Warehouse is one of Australia's largest pharmacy retail chains, and its founders are linked to the entity fined in this case.
The details
The infringement notices were issued because the fined companies, including Merivale, Kookai, and an entity operating pharmacies owned by Chemist Warehouse founders Jack Gance and Mario Verrocchi, did not file audited financial accounts on time. ASIC's action focuses on the obligation of large private companies to disclose their financial performance.
Timeline
3 November 2026: Article published on ASIC infringement notices against large private companies.
Market Dynamics
The penalties apply the reporting requirements of the Corporations Act 2001 to large proprietary companies that filed audited accounts late. ASIC's action signals continued enforcement of transparency rules for private companies that are not listed on the stock exchange.
Investors and stakeholders in large private companies may find more information about financial performance once accounts are filed on time. Readers who hold interests in private companies should check whether the accounts of those businesses are lodged with ASIC.
The takeaway
Timely audited accounts are a basic obligation for large private companies, and ASIC's penalties show that late filings carry financial consequences. Stakeholders can use filed accounts to better understand company performance.
Further reading
Explore more coverage in our Corporate Finance section for context on company reporting and regulatory enforcement in Australia.
Source note: This article includes information reported by Australian Financial Review.
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