Austal (ASX:ASB) refutes allegations in The Age article

Company News

by Rachael Jones

Austal (ASX:ASB) has responded to a story in The Age referring to an investigation by the Australian Commission for Law Enforcement Integrity (ACLEI) into the conduct of Australian Border Force (ABF) employees.

It refers to the payment of an outstanding milestone payment by Australian Border Force for the Cape Class program in 2015.

Austal notes the investigation has been discontinued.

The company statement says the article refers to payment of a “success fee” for delivering patrol boats that was partially paid to Austal in December 2015, and appears to infer that payment of this “fee” could have been a result of corruption inside the ABF.

Austal says these claims were later resolved on terms accepted by both parties on a confidential basis.

The article also suggests that this investigation by ACLEI has uncovered evidence that the Company has “misled markets”.

The Company is not aware of any such evidence and denies any such allegation.

Shares in Austal (ASX:ASB) are trading 2.5 per cent lower at $3.14.

Picture Source: Austal