Maas Group subsidiary caught up in anti-corruption investigation
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The news: Industrial services and real estate business Maas Group Holding’s subsidiary Capital Asphalt has been caught in a NSW Independent Commission Against Corruption (ICAC) investigation relating to a period prior to Maas ownership.
The context: The scrutiny is part of ICAC’s Operation Wyvern investigating allegations of bribery and inflated invoices totalling about $343 million to nine companies made by certain Transport for NSW employees in return for benefits.
Maas told the exchange on Friday morning that the alleged activities of Southern Pavement Services and related entities, constituting the Capital Asphalt business, occurred before it had acquired a shareholding interest. Former directors of the companies are also under investigation.
The company claims to have been unaware of the alleged activities at the time it acquired an indirect 75% shareholding interest in Capital Asphalt on 18 December 2024 and has reiterated that “the persons involved in the investigation are no longer employed in the MGH group”.
Maas made an upfront cash consideration of $20.3 million paid to Capital Asphalt business vendors, although a further $5 million deferred consideration has yet to be paid.
The company intends to “take further action, including enforcing its rights under the share sale agreement”.
The sources: ASX, NSW ICAC Operation Wyvern opening statement
