Brisbane-based thermal coal producer TerraCom (ASX: TER) has been hit with a $7.5 million fine plus $1 million in legal costs over a whistleblower victimisation charge brought by the corporate watchdog after a Federal Court ruling this week brought an end to a five-year battle for the company.
The whistleblower case brought against TerraCom by the Australian Securities and Investments Commission (ASIC) was triggered after a former commercial general manager of the company alleged that TerraCom was involved in a scheme relating to “fake analysis of coal samples”.
However, these claims were ultimately dismissed by the Federal Court last month after ASIC brought action in 2023 against TerraCom’s current managing director Daniel McCarthy and former officers Nathan Boom, Wal King and Craig Ransley.
ASIC had alleged that the directors authorised or permitted false or misleading information to be given to the ASX, but the allegations were rejected by Federal Court Justice Jackman on 4 July 2025.
However, the Federal Court this week approved the whistleblower penalty after TerraCom earlier this year announced to the market hat it had reached a penalty agreement with ASIC to resolve the proceedings.
The penalty decision handed down this week also included an order that TerraCom pay ASIC’s legal costs of $1 million.
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