Raw Capital Partners has been fined AU$33,000 by the Australian Securities and Investment Commission (ASIC) for not declaring the loss of a key contract to the stock market.
The key contract, with Optus, had provided 2/3 of revenue for Raw Capital Partners for the 2005 and 2006 financial period. It was signed in 2001, allowing Raw Capital to provide the telco with network, server, desktop and application support services.
According to ASIC, executives were made aware of the contract not being renewed on October 31, but didn’t inform the stock market until the 21st November.
The contract between Optus expires in Late February.