Companies
Multiplex reaches agreement with ASIC
Multiplex, has
reached an agreement with the Australian Securities and Investments Commission
(ASIC) to end the regulator's investigation into the property development and
construction company's disclosures in relation to the much-delayed project to
build the new Wembley Stadium.
Multiplex said in the 22 months since the ASIC began its investigation, which
focused on disclosures made between June 2004 and December 2005, it had made
improvements in its disclosure practices and its governance, including making
changes to its board and senior management team. Multiplex said it had also
strengthened its risk management and review procedures.
Under the agreement with the ASIC Multiplex will undertake an independent
review of its disclosure policies and practices and will implement any
improvements recommended. The agreement also allows for a settlement with
shareholders. Multiplex has made available $32m to settle claims with investors.
In October last year Multiplex settled with the Wembley stadium operators, a
subsidiary of the Football Association, after a legal dispute over the delay in
its completion. The stadium is due for completion early this year.
Links
Multiplex
Australian Securities and Investments Commission
Wembley Stadium
Football Association
January, 2007 |
