Pursuant to an agreement between the Australian Securities and Investments Commission (“ASIC”) and HOCHTIEF, a civil penalty proceeding has been commenced today in the Federal Court of Australia in relation to a contravention by HOCHTIEF of section 1043A(1)(d) of the Corporations Act.
The contravention occurred on 29 January 2014 when HOCHTIEF varied earlier lawful instructions (given on 28 November 2013 under the 3% creep rule) to purchase shares in Leighton Holdings Limited on its behalf between 6 January 2014 and 31 January 2014. The variation was to extend the last day on which shares could be purchased beyond Friday, 31 January 2014. The last trade was executed on Monday, 3 February 2014.
HOCHTIEF will submit to the Court that its contravention was inadvertent. By its contravening conduct, HOCHTIEF did not seek or obtain trading profit.
HOCHTIEF has been actively cooperating with ASIC in its investigations into this matter since August 2014.
The matter will be heard at a time to be appointed by the Court.
Media Contact in Australia:
Ian Brown
ibrown@firstadvisers.com.au
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