A whistleblower complaint with the Securities and Exchange Commission leads to an investigation into seismic risks at an Indonesian copper plant

Following an anonymous complaint, the U.S. Securities and Exchange Commission (SEC) launched an investigation to find out whether Freeport-McMoRan Inc. It failed to disclose to investors the risk of a potential earthquake to its new $3.7 billion copper smelter complex in Indonesia, according to the British Daily Mail. Report from Bloomberg.

The whistleblower is a recognized expert in the field of land reclamation and has first-hand knowledge of the alleged facts. The basic claim is that the facility is built on a known fault line such that an earthquake of predictable magnitude could plunge the Gresic smelter project into the ocean, without warning, and at enormous cost in lives, company operations, and the environment.

The Securities and Exchange Commission is said to be investigating whether Freeport, an Arizona-based company, violated US securities laws by failing to disclose to investors material facts related to threats posed by a potential earthquake.

“Freeport ignored expert advice and relied on engineering designs that did not meet Indonesian standards for earthquake-resistant buildings, according to the complaint filed in 2022,” Bloomberg reported.

The $3.7 billion copper smelter, located in Gresik, East Java, opened this year after construction delays led to tens of millions of dollars in fines by the Indonesian government. The whistleblower complaint alleges that “engineering experts recommended strengthening the ground further than originally planned to support the complex, which is located on reclaimed coastal land in a high-risk area,” Bloomberg reported. The whistleblower claims that the designs used to reinforce the land were flawed.

Through the SEC's whistleblower program, individuals can anonymously report potential violations of U.S. securities laws. Eligible whistleblowers, which are individuals who voluntarily provide original information that leads to a successful enforcement action, are eligible for financial awards ranging from 10 to 30% of the funds raised in the enforcement action.

The SEC's Whistleblower Program has transnational reach, and whistleblowers do not need to be US citizens or US residents in order to qualify for SEC Whistleblower Awards. Misconduct can occur abroad. From 2010 through 2021, more than 5,000 whistleblower tips from foreign countries were filed with the SEC.

Further reading:

The Securities and Exchange Commission examined Freeport over earthquake risks at its copper plant in Indonesia

More SEC whistleblower news

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos