Perth mining company sacks worker over $10m fraud

Perth mining company sacks worker over $10m fraud

A WORKER for a Perth-based mining services company has been sacked and reported to police over an alleged $10 million fraud.

Ausdrill said in a statement to the Australian Securities Exchange on Wednesday it appeared the former staffer had authorised and concealed payments to an “unrelated invalid supplier” over eight years.

The company said it had undertaken a preliminary internal investigation and appointed EY to commence a thorough forensic review.

“The company and its external forensic investigator will work closely with police in undertaking further investigations,” Ausdrill said.

Ausdrill managing director Mark Norwell said fraudulent or misleading behaviour was entirely inconsistent with Ausdrill’s principles, and behaviour of this nature would not be tolerated.

“We are announcing this matter in accordance with our approach of full transparency and our stated objectives of enhanced governance and audit,” Mr Norwell said.

“Since commencing as managing director one of my priorities has been on enhancing Ausdrill’s governance and operating principles, and I am satisfied that immediate action has been taken upon becoming aware of the situation.

“We are now completing a comprehensive review to understand how this long-term sophisticated fraud occurred and how we can further enhance Ausdrill’s systems and controls.”

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