Kathmandu founder facing criminal charges

Jan Cameron will appear before the Hobart Magistrates' Court following an investigation by the...
Jan Cameron will appear before the Hobart Magistrates' Court following an investigation by the Australian Securities and Investments Commission. Photo: File
The woman who made her fortune after founding outdoor retail giant Kathmandu in Christchurch is now facing criminal charges.

The charges relate to Jan Cameron's involvement in infant formula maker Bellamy's across the Tasman.

Cameron, 67, a former director of Bellamy's, has been charged by the Australian Securities and Investments Commission (ASIC) for failing to disclose her links to a major investor in the company.

She will appear before the Hobart Magistrates' Court following an investigation by ASIC, charged with contravening sections 671B(1) and 1308(2) of Australia's Corporations Act.

In a statement ASIC said Cameron failed to disclose her true relationship with a company which held approximately 14 million shares in the company.

ASIC alleges that on or about August 1, 2014, when Bellamy's became a listed company, Cameron began, along with her associate The Black Prince Foundation an entity domiciled in Curaçao, to have a substantial holding in a listed company through a holding of 14 million Bellamy's shares.

The holding represented more than 14.7 per cent of Bellamy's total issued capital, and that Cameron, who founded Kathmandu in Christchurch in 1987, failed to disclose that interest, ASIC said.

ASIC alleges that Cameron lodged an initial substantial holder notice days later that was misleading as it failed to disclose her true or complete relationship with The Black Prince Foundation.

Under Australia's Corporations Act, if a person begins to have a holding of shares in a listed company that results in 5 per cent or more voting power, they must lodge a substantial holder notice with the company and the Australian Securities Exchange.

Cameron, who made her fortune from Kathmandu, was director in Bellamy's between 2007 and 2011.

 

 

Advertisement

postanote_header_620_x_80.png

postanote_620_x_25.jpg

Local trusted journalism matters - now more than ever

As the Covid-19 pandemic brings the world into uncharted waters, Star Media journalists and photographers continue to report local stories that matter everyday - yours.

For more than 152 years our journalists have provided Cantabrians with local news that can be trusted. It’s more important now than ever to keep Cantabrians connected.

As our advertising has fallen during the pandemic, support from you our reader is crucial.

You can help us continue to provide local news you can trust simply by becoming a supporter.

Become a Supporter