Foreign Acquisitions and Takeovers Act 1975

PART 5 - OFFENCES AND CIVIL PENALTIES  

Division 3 - Civil penalties  

Subdivision D - Other civil penalties  

SECTION 98B   FALSE OR MISLEADING INFORMATION AND DOCUMENTS  

Information or documents relevant to no objection notification

98B(1)    
A person contravenes this subsection if:

(a)    the person is given a no objection notification, or is specified in a no objection notification; and

(b)    before the no objection notification was given, the person gave the Treasurer information that was or documents that were:

(i) relevant to the no objection notification; and

(ii) relevant to one or more core Part 3 actions to which the no objection notification relates; and

(c)    the information was or the documents were false or misleading in a material particular.

98B(2)    
A person who contravenes subsection (1) is liable to a civil penalty.

98B(3)    
The maximum penalty for the contravention is the lesser of the following:

(a)    2,500,000 penalty units;

(b)    the greater of the following:

(i) 5,000 penalty units (or 50,000 penalty units if the person is a corporation);

(ii) the sum of the amounts worked out under section 98F for each of the core Part 3 actions mentioned in subparagraph (1)(b)(ii) .

Information or documents relevant to exemption certificate

98B(4)    
A person contravenes this subsection if:

(a)    an exemption certificate relates to a person; and

(b)    

before the exemption certificate was given, the person gave the Treasurer information that was or documents that were:

(i) relevant to the exemption certificate; and

(ii) relevant to one or more exempt core Part 3 actions to which the exemption certificate relates; and

(c)    the information was or the documents were false or misleading in a material particular.

98B(5)    
A person who contravenes subsection (4) is liable to a civil penalty.

98B(6)    
The maximum penalty for the contravention is:

(a)    unless paragraph (b) applies - 5,000 penalty units; or

(b)    if the person is a corporation - 50,000 penalty units.

Information or documents may be false or misleading by omission

98B(7)    
To avoid doubt, for the purposes of this section, information or documents may be false or misleading in a material particular because of the omission of a matter or thing.