Terracom Limited will pay a penalty of $ 7.5 million for victimization of complaints, following proceedings by the Federal Court brought by the Australian Securities and Exchange Commission (ASIC).
This is the first result of the imposition of ASIC for violations of complaints.
The ASIC case concerned two ASX announcements by Terracom on February 14, 2020 and April 3, 2020 and an open letter published by shareholders in Australian Economic Review and Australia on 12 March 2020.
Terracom acknowledged that these announcements caused damage to the complainant in the form of damage, humility, discomfort and embarrassment. He admitted that they destroyed his reputation, representing him as someone willing to make unfounded accusations for personal gain in cases where an independent survey at least partially supported his allegations.
Terracom has also been ordered to pay ASIC legal costs of $ 1 million.