Woolworths (ASX:WOW) condemned for stance in Dan Murphy scandal

Company News

by Michael Luu

An independent inquiry into Woolworths (ASX:WOW)’ cancelled development of a Dan Murphy store in Darwin has determined that the giant supermarket operator misjudged the proposed facility's detrimental impact on the indigenous community in the region.

The $55 billion grocery retailer was planning to construct the liquor store within walking distance from three indigenous neighbourhoods that practise teetotalism.

The independent inquiry conducted by Gilbert and Tobin assessed the Woolworths’ decision-making process and due diligence research to produce a report on the company’s corporate social responsibility.

The 144-page document has revealed a damning verdict that Woolworths prioritised commercial gains over the heritage and cultural values of the aboriginal people in the land.

The Gilbert review panel has backed up their argument, citing a profound lack of consultation with the local aboriginal communities and instances where Woolworths showed “seemingly single-minded determination” to proceed with the construction.

Shares in Woolworths (ASX:WOW) are trading 1.4 per cent lower at $42.86 

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.