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Australia: Execs want $22M fine tossed

By  |  April 18, 2013

The chairman and managing director of manufacturing conglomerate Bradken have appealed a fine issued by the Federal Court for $22.4 million after the Court found the company had rigged the bidding in the acquisition of Norcast Wear Solutions. The deal was finalized in July 2011 for $217 million. The ruling by the Court was a win for Pala Investments, which initiated the case against Bradken. But the company and its executives have appealed the fine, sending a statement to the Australian Securities Exchange with a request to reverse the decision.

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