Noumi Limited: ASIC Proceedings Update

Noumi Limited (ASX: NOU) announced on 27 February 2023 that the Australian Securities and Investments Commission had initiated civil penalty proceedings in the Federal Court. The proceedings relate to alleged historical breaches of the company’s continuous disclosure obligations during 2018-19 and 2019-20 when it operated as Freedom Foods Group Limited.

Noumi has acknowledged the violations on a qualified basis, based on information known or should have been known by its former Chief Executive Officer and former Chief Financial Officer. The company has cooperated with ASIC throughout the process. Noumi and ASIC have proposed to the Court that an AU$5 million civil penalty plus a contribution of AU$50,000 towards ASIC’s costs would be appropriate in these proceedings.

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