- The Australian Securities and Investments Commission (ASIC) launches an investigation into Tlou Energy (TOU)
- The watchdog will look into a number of statements made by the company in both ASX announcements and other documents relating to its planned development of clean energy projects in Botswana
- ASIC suspects Tlou may have broken civil laws relating to disclosure obligations and publishing misleading information
- Tlou says it was notified of the investigation on September 6 and it is fully cooperating
- Company shares are down 3.33 per cent to 2.9 cents at 2:54 pm AEST
The Australian Securities and Investments Commission (ASIC) has launched an investigation into Tlou Energy (TOU).
Tlou was notified of the investigation on September 6 and says it is fully cooperating with the watchdog, which is looking into statements made by the company in both ASX announcements and other documents.
Included in the investigation is an announcement made by the company on February 16, 2021, titled ‘Carbon neutrality.’
This announcement regarded the company’s development of its Lesedi gas power project in Botswana and its plans to make the project carbon-neutral by acquiring additional land for carbon sequestration.
Another announcement under the microscope is an investor presentation from October 2021 titled ‘Cleaner Energy Presentation’, which covers the company’s plans to provide clean energy in Botswana, including through solar, hydrogen and gas.
ASIC has notified TOU it would be investigating suspected contraventions under sections 674, 674A and 1041H of the Corporations Act 2001, which relates to things like disclosure obligations and publishing misleading information.
The corporate watchdog will also be investigating sections 12DA, 12DB and 12DF of the Australian Securities and Investments Commission Act 2001.
ASIC will be investigating TOU between the period of February 20, 2020, and March 15, 2022.
Company shares were down 3.33 per cent to 2.9 cents at 2:54 pm AEST.