Regulatory Alerts2025-08-27
TerraCom to pay $7.5 million penalty for whistleblower victimisation
The Australian Securities and Investments Commission secured a $7.5 million penalty against TerraCom Limited for victimising a whistleblower through public statements that damaged his reputation. This enforcement action marks ASIC's first outcome for contraventions of whistleblower provisions, highlighting the risks corporations face when their conduct harms individuals who report issues. TerraCom admitted the detriment caused and was additionally ordered to pay ASIC's legal costs of $1 million.
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