Austal hit with huge fine over US accounting fraud

[Pelican Press 0]

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Austal hit with huge fine over US accounting ******

Austal is facing a profit wipeout after agreeing to pay a $US24 million ($35m) fine to settle a long-running ****** investigation against the government-anointed defence shipbuilder in the US.

The settlement with the Securities and Exchange Commission and the US Department of Justice in its biggest market avoids a damaging prosecution as the Forrest family-backed Austal awaits potentially billions of dollars of new contracts to build the Royal *********** Navy’s new generation of warships.

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