ASIC inititates enquiries into actvisit’s spoof against Whitehaven Coal
07 Jan 2013
Australia's corporate watchdog has initiated enquiries into the hoax that rocked Australian markets today and temporarily wiping off over $314 million off the value of Whitehaven Coal.
The Australian Securities and Investments Commission confirmed this afternoon that enquiries were underway and anti-coal activist Jonathan Moylan cold be questioned over the stunt.
The share price of the company, though recovered quickly, returning to normal with the revelation of the hoax.
"We will be speaking to the people involved," said ASIC in a statement.
Moylan triggered a sell-off in Whitehaven shares with his release, midday today of what appeared to be a press release from ANZ Bank.
In December ANZ arranged a $1.2-billion loan for Whitehaven to help the company build a new coal mine in New South Wales. Moylan's hoax email suggested that the bank had gone back on its decision and would no longer lend the money.