Olive promoter’s net ads axed

THE Australian Securities and Investments Commission has obtained an agreement for some advertising on the Australian Olives’ Internet site to be removed.

The advertising was considered to be in breach of the Corporations Law and the company’s own compliance plan.

The website offered information on after-tax cash flows that was not contained in Australian Olives’ prospectus.

The pages removed from the website also failed to refer to the prospectus which is a requirement under the law.

ASIC national compliance adviser managed investments Pauline Vamos said it was vital proper processes be followed to ensure advertising material did not break the law.

“By including detailed procedures in a compliance plan and following the plan closely, entities are less likely to get into trouble,” Ms Vamos said.

She said entities deliberately ignoring proper procedures in their compliance plan did so at their own peril.