For the second time in two days Australia’s corporate watchdog has launched first-of-its-kind legal proceedings, with its latest target being a Queensland coal producer alleged to have ‘harmed’ a whistleblower’s reputation and psychological health.
Announced today, the Australian Securities and Investments Commission (ASIC) has commenced civil penalty proceedings against TerraCom (ASX: TER), its managing director Daniel McCarthy and other executive staff regarding their alleged treatment of a whistleblower.
The case revolves around whistleblower allegations made by a former employee that TerraCom - the operator of the Blair Athol coal mine in Clermont, Queensland - had been involved in the falsification of coal quality results.
It comes one day after ASIC launched a groundbreaking greenwashing case against Mercer Superannuation, alleging the fund made misleading statements about the sustainable nature and characteristics of some of its superannuation investment options.
Like the Mercer case, ASIC deputy chair Sarah Court said this whistleblower action was a first for the watchdog.
“This is a significant case because it is the first time ASIC has taken action for alleged breaches of the whistleblower provisions,” Court said.
“ASIC alleges that TerraCom and its senior company employees engaged in conduct that harmed a whistleblower who revealed the alleged falsification of coal quality certificates.
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