The Federal Court has dismissed ASIC’s proceedings against TerraCom’s current managing director Daniel McCarthy and former officers Nathan Boom, Wallace King and Craig Ransley.
ASIC alleged that Mr McCarthy, Mr Boom, Mr King and Mr Ransley authorised or permitted false or misleading information to be given to the ASX and failed to act with the requisite degree of care and diligence in the discharge of their duties as directors and officers of TerraCom.
ASIC will consider the judgment carefully and has 28 days to lodge any appeal to the Full Court of the Federal Court, should it decide to do so.
Download
Background
TerraCom is an ASX-listed company in the mining sector. TerraCom operates the Blair Athol coal mine in Clermont, Queensland, as well as having operations in South Africa.
On 28 February 2023, ASIC commenced civil penalty proceedings in the Federal Court against TerraCom Limited, Mr McCarthy, Mr Boom, Mr King and Mr Ransley (23-045MR).
ASIC’s proceedings against TerraCom regarding whistleblower victimisation have resolved and are listed for a case management hearing on 11 July 2025.