Terracom was ordered to pay $ 7.5 million to harm those who are violations, which represents the results of the first Australian Australian enforcement (ASIC) under the provisions of the protection of the infrinkers.
The case focused on the ASX ads made by Terracom in February and April 2020, along with an open message published in The Australian Financial Review and The Astralian in March 2020.
In these contacts, the company claimed that the allegations made by one of the violations were wrong and that its employees had been independently cleared.
Terracom later admitted that the statements have harmed the amounts of the amounts by causing “harm, insult, distress and embarrassment” and inflicting its reputation.
ASIC said that the company was wrongly represented as a person who is doing an unfounded charge for personal gains, despite the independent investigation to support its demands in part.
Aseik, Sarah Court, said the result sent a strong message. She said: “Asic took this issue because the informants shed light on important issues. Companies are involved in behavior that harms the amounts of violations, even inadvertently, they risk mobilizing others from moving forward. Companies must always consider the issues raised by the violations raised properly.”
In addition to a $ 7.5 million penalty kick, Terracom has been requested to pay the legal costs of ASIC of one million dollars.
The Federal Court actions have followed a long dispute over the PricwateroseCoopes report commissioned by Terracom in these allegations.
After many legal challenges, ASIC got access to the report in 2022. Civil penalty actions were rejected against four former Terracom executives last month.