Australian watchdog sues coal miner TerraCom over whistleblower protections (updated)

ALS

01/03/2023 24:09

(Updates with background, further details)
       March 1 (Reuters) - Australia's corporate regulator has
begun civil proceedings against coal miner TerraCom Ltd  TER.AX 
for breaching whistleblower protections after a former employee
claimed that it had falsifed the quality of its coal for export.
 
    The case concerns the conduct of TerraCom and its directors
and officers in response to allegations made by the employee,
the Australian Securities & Investments Commission (ASIC) said.
    In May 2021, ASIC broadened a probe into the company and
assayer ALS Ltd over inflating coal quality in export
documentation that came to light as part of an unfair dismissal
suit lodged by the whistleblower. 
    ASIC alleges that TerraCom and its senior company employees
engaged in conduct that harmed the whistleblower. 
    The company said it will "vigorously" defend the
proceedings.
    Shares of the Queensland-based miner were down more than 4%
in early trade.
    

 (Reporting by Melanie Burton in Melbourne and Savyata Mishra in
Bengaluru; Editing by Krishna Chandra Eluri and Sherry
Jacob-Phillips)
 ((Savyata.Mishra@thomsonreuters.com;))