The Australian Securities and Investments Commission (ASIC) has said that Fertoz Limited (FTZ.AX) has paid $37,560 for two infringement notices.
Fertoz Pays Out $37,560 For Greenwashing Infringements
The financial watchdog indicated that the company, which supplies regenerative phosphate and organic fertilisers in Australia and North America, issued deceptive statements regarding its reforestation initiative in the Philippines. According to the allegations, Fertoz, which is listed on the Australian Securities Exchange (ASX), included misleading eco-based statements in a presentation published on this index.
The statements claimed that the firm’s Philippines Reforestation Project would either obtain an offtake partner or funds for the drive by the end of 2023. Fertoz also stated that it would start planting trees during the last quarter of that year.
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ASIC alleges that these statements are deceitful as fundraising talks with two prospective offtake partners ended in April and August 2023 respectively. Following this, the company reportedly did not seek out other offtake partners or conclude any agreements towards instigating the project at the end of 2023. ASIC found that there was no funding or funders. Sarah Court, the regulator’s deputy chairperson, said:
This case is another example of ASIC enforcement action where we consider there to be inaccurate or misleading statements made in sustainability-related claims. Greenwashing continues to be in our sights and remains an enforcement priority.
Fertoz settled the penalties on 21 June 2024. ASIC said in its press release that paying an infringement notice is not an admission of guilt. Apart from this case, ASIC also issued 17 other infringement notices under its sustainable finance enforcement drive.
