ASIC has told a court that a PwC report into allegations of inaccurate coal pricing found that 12 “inconsistent” invoices issued by TerraCom resulted in a $1.15 million benefit to the company, contrary to the company’s claim that the audit found no wrongdoing.
Penalty proceedings in ASIC’s case against coal producer TerraCom have been put on ice until the regulator’s suit against the company’s directors goes to trial.
The judge hearing the ACCC’s price-fixing case against Downer EDI’s Spotless and Ventia has proposed an initial hearing to determine if the companies are in competition, saying he won’t let the case become “totally unwieldy”.
Coal producer TerraCom has agreed to pay $7.5 million to resolve ASIC proceedings alleging it made misleading statement to the market that damaged a whistleblower’s reputation.
Insurer Marsh has fired off a cross-claim against Swiss bank UBS in several cases brought over Greensill’s $1.7 billion collapse.
In the ACCC’s price-fixing case, infrastructure services company Ventia has joined with Spotless in arguing the companies were not in competition, and says it was the Department of Defence that arranged for the providers to talk.
Downer EDI subsidiary Spotless has rejected allegations it engaged in price-fixing with Ventia on defence contracts, saying the facilities services companies were not in competition with each other.
A judge has agreed to delay a trial by five months in a group of cases over supply chain finance company Greensill’s $1.7 billion collapse, over the vehement protests of the firm’s administrator.
A key issue in the ACCC’s price-fixing case against Downer EDI’s Spotless and Ventia is likely to focus on whether the facilities services companies were in competition, a court has heard.
A newly appointed judge has disqualified himself from hearing a group of cases over Greensill’s $1.7 billion collapse, after he acted as counsel for insurer Marsh in a related dispute.