Murray Goulburn settles with ASIC over conduct before downgrade, milk price cut

 In Australia, NewZealand
Embattled dairy processor Murray Goulburn has admitted breaching its continuous disclosure obligations as part of a court settlement with the corporate watchdog.
On Thursday Murray Goulburn said it had agreed to pay a $650,000 penalty under a deal with the Australian Securities and Investments Commission (ASIC) over its behaviour in the lead-up to last year’s profit downgrade and cut in milk prices paid to farmers.
ASIC has brought Federal Court proceedings against Murray Goulburn, alleging that from March 22, 2016 to April 27, 2016, it had failed to notify the ASX that it was unlikely to achieve forecasts it made in February.
Under the terms of the settlement Murray Goulburn has agreed it breached its obligations on one occasion. The maximum penalty for a breach is $1 million. Sydney Morning Herald – Read more…

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