ASIC issues infringement notices to Fertoz Limited for greenwashing

COURT OR TRIBUNAL

Other

DATE FILED (OR FIRST HEARING DATE)

25/06/2024

LITIGATION TYPE

Corporate Accountability

SUBJECT MATTER

Misleading and deceptive conduct

REVIEW TYPE

N/A

SUMMARY

ASIC issued two infringement notices to Feroz Limited (an entity specialising in fertiliser mining, manufacturing and supply) for greenwashing. It made statements in a presentation published on the ASX that its Reforestation Project in the Philippines would obtain an offtake partner or receive funding for the project by the end of 2023 and start planting the initial hectares by quarter 4 in 2023. ASIC alleges these statements were false or misleading because Feroz had ended discussions were potential partners, had not signed any agreements for funding or planting, and not secured any funding for the project. Feroz paid $37,560 to comply with the infringement notices.

CASE DOCUMENTS

ASX listed company pays two infringement notices for greenwashing in market announcements