Tlou Energy Ltd (AIM:TLOU, ASX:TOU, BSE:TLOU) said it has paid a fine to the Australian Securities & Investment Commission (ASIC) to settle allegations of 'greenwashing' but denies any wrongdoing.
ASIC’s investigation found two statements made by Botswana-focused Tlou Energy in 2021 about carbon neutrality and low emissions to be false and misleading, warranting fines worth A$53,280 (£29,754).
Tlou said it “agreed to pay the infringement notice to bring this matter to an end and focus the company's resources on development of its power projects.”
The fine is the first time the ASIC has issued a fine for greenwashing, potentially setting a precedent for a future clamp-down on greenwashing.
Sarah Court, deputy chair of the commission said: “ASIC is currently investigating a number of listed entities, super funds and managed funds in relation to their green credentials claims.”