The Federal Court has dismissed the Australian Securities & Investments Commission’s civil penalty proceedings against TerraCom’s current managing director, Daniel McCarthy, and former officers Nathan Boom, Wallace King and Craig Ransley. The case concerned alleged false or misleading disclosures to the Australian Securities Exchange and alleged failures to exercise the requisite care and diligence as directors and officers of TerraCom. ASIC had alleged the officers authorised or permitted false or misleading information to be given to the ASX and did not act with the required degree of care and diligence. The proceedings were commenced on 28 February 2023 and also named TerraCom Limited, an ASX-listed mining company. ASIC said it will consider the judgment and has 28 days to lodge any appeal to the Full Court of the Federal Court. Separately, ASIC’s proceedings against TerraCom regarding whistleblower victimisation have resolved and are listed for a case management hearing on 11 July 2025.
Australian Securities & Investments Commission 2025-07-04
Federal Court dismisses Australian Securities & Investments Commission proceedings against TerraCom managing director and former officers
The Federal Court has dismissed the Australian Securities & Investments Commission's (ASIC) civil penalty proceedings against TerraCom's managing director and former officers over alleged false disclosures to the Australian Securities Exchange and failures in director duties. ASIC is considering an appeal. Separately, ASIC's whistleblower victimisation case against TerraCom is set for a case management hearing on 11 July 2025.