(19/02/2025 Update on Whistleblower Case ASIC vs Terracom)
TerraCom Limited and its senior executives are facing legal action from ASIC for allegedly retaliating against a whistleblower. The directors involved - Daniel McCarthy (Current Managing Director), Nathan Boom (Former Chief Commercial Officer), Wallace King (Former Chair), and Craig Ransley (Former Director and Deputy Chair) - are claiming penalty privilege, allowing them to withhold certain information that could incriminate them. As of February 18, 2025, the Federal Court has scheduled a pre-trial case management hearing for June 2, 2025, with a 10-day trial set to commence on June 16, 2025. If found guilty, the directors could face fines of up to $1.05 million each or two years in jail, while TerraCom could be fined up to $10.5 million or 10% of its annual turnover, capped at $525 million.
(Fine figures are based on Australian corporate law penalties for whistleblower breaches as outlined by ASIC and relevant legislation.)
https://www.lawyerly.com.au/terracom-directors-to-claim-penalty-privilege-in-novel-asic-case/
https://www.comcourts.gov.au/file/Federal/P/NSD176/2023/actions
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