1 August 2013.
The Australian Securities and Investments Commission (ASIC) and the Australian Securities Exchange (ASX) said that NSW Independent Commission Against Corruption (ICAC) had found that some of Australia’s richest and most experienced businessmen and former politicians acted corruptly in their dealings with the Obeid family over the planned development of a coalmine in western NSW.
Cascade Coal, a company associated with long standing coalmine investor Travers Duncan, won the right to develop the mine. Cascade Coal then sought to sell the mine to a publicly listed company, White Energy, which Mr Duncan chaired. Mr Duncan and some of his associates failed to disclose the Obeid family involvement in the transaction.
ICAC has referred the matter to Prosecutor’s office so that legal action can be against Mr Duncan, John Kinghorn, John McGuigan, John Atkinson and Richard Poole, all of whom either are, or have been, directors of public companies.
ASX revealed that it will review ICAC’s report, especially the non-disclosure by the relevant entities in 2011. It noted that the findings point to only individual instances of alleged breaches, and not to anything systemic.