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ASIC, ASX Probe Green Group’s Fake Press Release that Wiped Out $300M Off Whitehaven’s Market Capitalisation

By: International Business Times
Posted: 1/7/2013 5:51:00 PM
Referenced Stocks: ASIC;ASX

The Australian Securities and Investments Commission ( ASIC ) and the Australian Stock Exchange ( ASX ) started on Monday night investigation of a fake press release that caused losses to Whitehaven Coal (ASX: WHC) and its shareholders.

The fake announcement that the $1.2 billion loan of the miner was allegedly cancelled by ANZ Bank was traced to environmental activist Jonathan Moylan who said the loan facility to help Whitecoal, owned by billionaire Nathan Tinkler, build a new mine was pulled due to concerns of the mine's impact on agriculture and the environment.

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