A letter to ASIC shows how auditors developed concerns about a mining company’s handling of a PwC investigation into allegations of faking coal results.
. Miners were allegedly pressuring labs to alter interim results on coal quality, making the commodity appear better on final tests used in export certificates.
TerraCom had, via lawyers Ashurst, hired PwC to investigate allegations raised by its former commercial manager, Justin Williams, who said he had been sacked for refusing to have lab giant ALS fraudulently alter results for the miner’s coal. “On 24 February 2020, we became aware of a number of allegations made against [TerraCom] and its executive officers in relation to fraud and bribery as published inThere was an “alleged matter” in PwC’s investigation that “we do not believe was resolved”, it said. “The alleged matter related to the tampering of coal sampling results to improve the calorific value of coal shipped to customers.
He alleged he had told TerraCom chief executive Mr McCarthy the practice of fraudulently boosting certificates was illegal and the only way it was continuing was because TerraCom’s sales agent had hired a sub agent in South Korea “who paid bribes to customers not to take action on such practices”.“The CEO instructed me that I needed to continue these practices and not be a ‘champion of good’,” Mr Williams’ complaint alleged.
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