Australian construction giant Leighton Holdings faces explosive allegations today of widespread corruption and bribery at its highest levels.
Its shares dived on the ASX this morning, down over 9%. A short time ago the shares were at $17.71, down 9.55%. It looks to be levelling out after an initial dumping of stock in early trade. Here’s the chart:
Fairfax Media published an investigation based on hundreds of internal company documents, including allegations of millions of dollars in kickbacks to Iraqi officials that were approved by the chief executive, Wal King.
King denied knowledge of corruption to The Australian this morning and said he would be consulting with his lawyers and may issue a further statement today.
The company issued a two-page statement before the start of trading saying it was “deeply concerned” by the allegations and pointing out it was cooperating with investigations. You can read it in full here.