FINWIRES · TerminalLIVE
FINWIRES

Tabcorp Says Austrac Launches Enforcement Investigation Over Money Laundering Concerns; Shares Tumble 27%

By

-- Tabcorp Holdings (ASX:TAH) said Austrac launched an enforcement investigation after raising "serious" concerns about the company's ability to manage its money laundering and terrorism financing risks, according to a Thursday Australian bourse filing.

The company said the investigation will initially focus on evaluating its compliance with its obligations under the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act, including having a compliant AML/CTF program, complying with that program, and appropriately monitoring customers.

Austrac advised that its investigation is at an early stage, and its approach will be determined once sufficient evidence has been collected and assessed, with all potential outcomes remaining open, including the possibility that no further enforcement action will be taken, the company added.

"Tabcorp takes its anti-money laundering and counter-terrorism financing obligations very seriously. The Board and Executive are fully committed to collaborating with Austrac in the continuing uplift in Tabcorp's ML/TF risk maturity," said Tabcorp Chairman Brett Chenoweth.

The company's shares tumbled 27% in recent Thursday trade.

Related Articles

Asia

Market Chatter: Mitsubishi Heavy Revamps Gas Turbine Production Amid AI-Driven Demand

Mitsubishi Heavy Industries (TYO:7011) is overhauling gas turbine production to raise output and cut manufacturing time while limiting capital spending, as demand rises from power-hungry AI data centers, Nikkei reported Thursday.President Eisaku Ito is leading the company's Innovative Total Optimization project at the Takasago Machinery Works in western Japan, where more than 100 employees reviewed over 1,000 processes across procurement, assembly, testing and design, according to the report.The effort aims to improve efficiency in gas turbine combined cycle systems and reduce a growing order backlog. Orders at Mitsubishi Heavy's energy systems unit climbed about 40% to 3.6 trillion yen in the year ended March 2026, the report said.The company is streamlining production by separating assembly lines for different turbine models and reducing machinery changeovers. Mitsubishi Heavy aims to support roughly 30% higher production with limited additional investment, according to the report.The Japanese manufacturer plans to invest about 50 billion yen in turbine capacity, below expansion plans disclosed by rivals GE Vernova and Siemens Energy, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$TYO:7011
Asia

NRW Holdings Wins AU$200 Million Highway Contract in Western Australia, Shares Hit All-Time High

NRW Holdings' (ASX:NWH) unit NRW Contracting secured a contract worth about AU$200 million for the Tonkin Highway Grade Separations, Hale Road, and Welshpool Road East project by Main Roads Western Australia, according to a Thursday Australian bourse filing.The company said design and procurement activities are expected to commence immediately following contract execution, with construction to start in the fourth quarter, with no material capital outlay required.The scope of works includes reconstruction and widening of Tonkin Highway to provide three lanes in each direction and a diamond interchange at Welshpool Road East, forming part of the wider Tonkin Highway Corridor upgrades from Roe Highway to Kelvin Road, the filing added.The company's shares rose 5% to reach an all-time high in recent Thursday trade.

$ASX:NWH
Asia

Market Chatter: Japan Nuclear Firms Use VR to Address Skilled Labor Shortage

Japanese nuclear equipment makers are accelerating worker training with virtual reality and digital tools as Japan considers building new reactors for the first time since the 2011 Fukushima disaster, Nikkei reported Thursday.IHI (TYO:7013) launched a new welding program in January that combines classroom instruction, hands-on training and video materials captured through camera-equipped welding masks. The company said the system could cut training periods for some technicians to about one-fifth of previous levels, according to the report.Mitsubishi Heavy Industries (TYO:7011) has developed about 50 VR-based courses covering nuclear plant design, construction and maintenance, while Hitachi is digitizing technical expertise to improve knowledge transfer across its nuclear operations, the report said.The push comes as Japan's nuclear sector faces a shrinking skilled labor pool despite rising demand linked to AI-driven electricity consumption and renewed government support for nuclear power, according to the report.Shares of IHI jumped nearly 6%, while those of Mitsubishi Heavy fell almost 2% in recent trade in Japan.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$TYO:7011$TYO:7013