TerraCom Hit with $7.5M Penalty in ASIC Whistleblower Case

TerraCom hit with $7.5M penalty in ASIC whistleblower case

Save (0) Please login to bookmarkClose Username or Email Address Password Remember Me A judge has hit coal producer TerraCom with a $7.5 million penalty in ASIC proceedings alleging it made misleading statements to the market that damaged a whistleblower’s reputation.  Subscribe to Lawyerly to access this article.Already a subscriber? Username or Email Address Password Remember Me Lost your password? The pos…

Court confirms $7.5m TerraCom penalty plus costs

Blair Athol mine owner TerraCom will pay a penalty of $7.5 million in what is corporate watchdog ASIC’s first enforcement outcome for contraventions of whistleblower provisions.  TerraCom has also been ordered to pay ASIC’s (the Australian Securities and Investments Commission) legal costs of $1 million. This result was foreshadowed in May when TerraCom and ASIC […] Thank-you for your interest in iQ Industry Queensland. We invite you to…

TerraCom’s $7.5 million penalty: Bribery risks, whistleblower protections, and compliance red flags - VinciWorks

The Federal Court of Australia has handed down a landmark decision against TerraCom Limited, imposing a A$7.5 million penalty and A$1 million in costs after the coal miner admitted to breaching Australia’s strengthened whistleblower protections.This case underscores how quickly whistleblowing issues can escalate from internal HR matters to multi-million dollar penalties and reputational crises. For compliance professionals, it’s a reminder that …

TerraCom Fined $7.5 Million in ASIC Whistleblower Case

The case centred on two ASX announcements made by TerraCom in February and April 2020, along with an open letter published in the Australian Financial Review and The Australian in March 2020.  In these communications, the company claimed that allegations made by a whistleblower were false and that its employees had been independently cleared. TerraCom later admitted the statements harmed the whistleblower by causing “hurt, humiliation, distress …