ASIC launches civil penalty proceedings against TerraCom

The Australian Securities and Investments Commission (ASIC) has launched civil penalty proceedings against TerraCom Limited, a Queensland coal producer, and several of its senior executives, including managing director Daniel McCarthy, former Chair Wallace King and chief commercial officer Nathan Boom. The case is the first time ASIC has taken action for alleged breaches of the whistleblower provisions.

The allegations were made by a former employee that TerraCom had been involved in the falsification of coal quality results, which the company denies. ASIC alleges that TerraCom, McCarthy, Boom, King, and former director Craig Ransley failed to take reasonable steps to ensure that statements to the ASX were not false or misleading, and by allowing the false or misleading statements to be published, TerraCom and its executives engaged in conduct that harmed the whistleblower. ASIC is seeking declarations of contravention, pecuniary penalties, disqualification orders, and costs. The first case management hearing is yet to be scheduled by the Court.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com