Federal Court Justice Craig Colvin slammed Australian Mines’ conduct as ‘serious’ but agreed to a modest penalty because the company had sought to make amends.
ASIC accused Australian Mines of misleading the ASX in a February 2018 announcement about a deal for the cobalt and nickel product it expected to make at its Sconi Project mine near Townsville, which was one of its biggest assets.
ASIC also alleged the company’s former managing director, Benjamin Bell, lied to investors at overseas investment conferences following the announcement by saying SK Innovation had agreed to fund the construction of a plant for the project, which was expected to cost at least $500 million, despite never being offered such financing.
Justice Colvin said that “nothing in [his judgment] should be treated as a finding against Mr Bell of any contravention”, as his case is ongoing.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Federal Court changes rules to restrict journalist access to documentsThe Federal Court has quietly changed its rules and made it significantly harder for journalists to access key court documents.
Read more »
Federal Court changes rules to restrict journalist access to documentsThe Federal Court has quietly changed its rules and made it significantly harder for journalists to access key court documents.
Read more »
'There must be serious consequences': Federal government investigates NT land clearingThe federal environment department is investigating allegations of unlawful land clearing in the Northern Territory, where satellite images obtained by the ABC suggest swathes of unique savanna have been flattened to make way for a cotton industry.
Read more »
Record number of threats against MPs reported to federal policeAggressive and violent incidents involving federal MPs are on the rise, with the Australian Federal Police last year receiving more than 500 reports of threats to the safety of ministers.
Read more »
Record number of threats against MPs reported to federal policeAggressive and violent incidents involving federal MPs are on the rise, with the Australian Federal Police last year receiving more than 500 reports of threats to the safety of ministers.
Read more »
NSW Labor can’t stand in the way of social justice on pokiesOPINION: It’s the conservative side of politics that is taking the lead on a pokie plague that has alarmed communities and voters.
Read more »