Agee 100%. I can't understand the rational that ASIC fines a company and gets to keep the fine and not those hurt by the wrongful event. There is a conflict of interests here. Now they are going to court for what. Another farce. The court can supposedly increase the fine. Nothing said about the shareholders.
Notice the 2 statements in the announcements.
"The settlement with ASIC does not involve any action being taken by ASIC against individual officers or employees of Newcrest."
"It is not alleged by ASIC that Newcrest knowingly or intentionally contravened its continuous disclosure obligations."
WTF, they have the audacity to gloat after this disgusting outcome.
Forget about the corrupt managemant and brokers being fined or jailed. We are a long shot for that. this country has a long way to go to fairness in security law.
Now the shareholders class action is a given win/settlement.
I am surprised that the share price was up after this dreadful announcement.
AIC Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
NCM Price at posting:
$10.15 Sentiment: None Disclosure: Held
