asic.gov.au

Hoax devalues Whitehaven coal by $314 million

WHITEHAVEN Coal has joined Australia's corporate watchdog in investigating the potential for legal recourse against the man whose hoax temporarily wiped more than $314 million off the value of the company.

The hoax, by anti-coal campaigner Jonathan Moylan, tricked investors into thinking that a recent $1.2 billion loan arranged by ANZ for Whitehaven had been cancelled on ethical grounds.

The incident is the third time in six months that trading on the Australian Securities Exchange has been influenced by a hoax, and leading corporate lawyer Simon Rear said it was time that a strong disincentive was provided to other hoaxsters.

''There probably needs to be some more examples made of people and I think that's probably what ASIC will try to do,'' he said.

''Legislation is only as strong as it can be enforced, and it is always enforced after the fact.''

Read more at Brisbanetimes.com.au
 


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