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Australia: Bid-rigging allegations after company bought, sold in same day

By  |  November 12, 2012

Authorities have now raised concerns over a Canadian mining company that was apparently bought and sold in the same day. The concerns have lead to allegations of bid-rigging by U.S. firm Castle Harlan Inc and Australian engineering firm Bradken Ltd. Swiss-based Pala Investments sold its mining company Norcast Wear Solutions in July of last year to Castle Harlan for $190 million; the same day, Norcast was again sold to the Australian company for an additional $19 million. Pala has brought a case to the Federal Court in Melbourne, accusing Bradken of bid-rigging; Bradken has responded to the allegations denying any deal with Castle Harlan.

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