Coal giants home free, ASIC buries TerraCom fake tests scandal
- john3994
- Jul 1
- 1 min read
Australia’s corporate regulator ASIC is prosecuting coal miner TerraCom’s directors over allegedly misleading statements to the ASX. Stephanie Tran reports.
The whistleblower in the TerraCom coal fraud case has expressed dismay that the corporate regulator has cut him out of proceedings and struck a deal directly with TerraCom, a deal which may conclude the investigation into Australia’s largest coal scandal without a probe into other coal corporations or any criminal charges.
It was the testimony of former executive and whistleblower Justin Williams which was regarded as the strongest evidence in the investigation, say sources close to the case.
There is a growing body of evidence that what happened at TerraCom and across Australia’s coal testing industry was not just spin. It was systemic fraud. And ASIC’s response appears to have barely scratched the surface.
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