HOCHTIEF : purchase of Leighton shares in February 2014 mehr

The Federal Court of Australia ruled today that HOCHTIEF Aktiengesellschaft ('HOCHTIEF') should pay a civil penalty of A$400,000 as a result of a contraven-tion of the insider trading provisions of the Corporations Act. In so ruling, the Court remarked that the contravention 'did not involve any dishonesty, or any deliberate or intentional disregard of the law' and that 'full regard must be given to Hochtief AG's good corporate standing'.

The Court also had regard to the fact that HOCHTIEF had provided a 'high level of cooperation'to ASIC (since August 2014), had demonstrated genuine contrition and remorse, and had taken remedial steps which 'reflected a genuine attempt to decrease the risk of any further contraventions'.

The Court noted that HOCHTIEF had voluntarily made a donation in the sum of A$206,800 to the Australian Shareholders' Association and the indigenous charity, the First Nations Foundation. The size of the donation reflects the notional financial gain made by HOCHTIEF through the procurement of shares in Leighton Holdings on a single day of trading (February 3, 2014).