I've just caught up with the existence of this trial. No wonder the sp has been crashing; nothing to do with fluctuations in coal price or 'poor Mgmt'.
ASIC, our deep pocket Regulator, has decided to make an example of Terr to enforce protection of whistleblowers. An employee, after he was dismissed, alleged that Terr directors falsified some certificates about the quality of the coal. Mgmt hired PWC to check this. They found some alterations to certificates but there is no evidence of the weight of this finding and whether it
caused any damage to customers. Mgmt points out that the customers buying this coal have not complained about its quality.
Mgmt did what any reasonable mgmt would do & published an Open letter to SH n media (+ ASIC) refuting the whistleblowers allegations.
Unbelievably, ASIC is suing Terr mgmt for breaching Whistleblower legislation, saying such refutation by mgmt caused the poor Whistleblower psychological n financial harm.
Asic alleges that mgmt should've accepted the ' reasonable' Investigator's findings of some certificate alterations n not caused the poor Whistleblower psychological etc harm by refuting it. Good grief.
' Expert' evidence is constantly challenged in Court by other 'expert' evidence.
There is nothing sacred about ' Expert' evidence. It is up to the Court to decide which expert evidence to accept, not up to ASIC to, not just accept part of PWC findings, but to charge Terr mgmt with challenging it!.
part of the Whistleblower's allegations included that mgmt made some alterations to the certificates in order to gain financial advantage. Again, this needs to be proven in Court.
No wonder Mgmt has been too busy to respond to some SH concerns. I hope they win against the zealous Regulator who has trashed our sp by making this a Star show of Whistleblower protection legislation. It's up to the Court to decide the weight of 'Expert' evidence, not ASIC.
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