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Australia's TerraCom to pay about $5m fine for whistleblower protection breach
The Australian Securities & Investments Commission (ASIC) had filed a lawsuit in March 2023 against the miner, alleging it breached whistleblower protections after a former employee claimed it had falsified the quality of its coal for export.
Following the whistleblower's claim, TerraCom had made announcements in 2020 denying these allegations.
The company admits that its actions damaged the whistleblower's reputation by representing him as someone willing to make unfounded accusations for personal gain, ASIC said on Wednesday.
"ASIC took this case because whistleblowers shed light on important issues. Where corporations engage in conduct that harms whistleblowers, even unintentionally, they risk disincentivising others from coming forward," said ASIC deputy chairperson Sarah Court.
TerraCom has also been ordered to pay ASIC's legal costs of A$1-million, ASIC added.
TerraCom did not immediately respond to a Reuters request for comment.
TerraCom owns and operates the Blair Athol coal mine, in Queensland. It also owns four thermal coal mines, along with thermal and coking coal projects, in South Africa.
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