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Company News Summary

Austal Advises on Notification of Civil Penalty Proceedings Commenced by ASIC

10 Jun 2021  |  09:43:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Notification of civil penalty proceedings commenced by ASIC

Austal referred to its previous announcements regarding an investigation by the Australian Securities and Investments Commission (ASIC) into historical matters concerning the Company's market disclosures with respect to Company's Littoral Combat Ship (LCS) program before July 2016, and the separate but related investigations by US regulatory authorities. The Company was advised that civil penalty proceedings have been commenced by ASIC against it and its former CEO Mr. David Singleton in the Federal Court of Australia. The proceedings allege that the Company was aware as early as 4 June 2016 of the need to make a material write back of work in progress attributable to the LCS program.

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