Worley insists it complied with ASX obligations after corruption findings

The news: Engineering giant Worley has said it didn't breach ASX rules by not informing the market of an international tribunal's decision to dismiss an arbitration based on "jurisdictional and admissibility grounds relating to corruption, illegality and bad faith" by the company.

The numbers: Last month, an international tribunal denied Worley's arbitration claim of nearly USD500 million ($700 million) from state-owned companies on the basis it had been involved in "conduct amounting to corruption".

The context: The tribunal found Worley illegally bribed Ecuadorian government officials with gifts in a bid to win oil and gas contracts as part of a "widespread pattern of illegality and bad faith". The listed engineering giant, however, only disclosed to the ASX that it had lost the arbitration case "on jurisdictional grounds", in a possible breach of its disclosure obligations.

In its response to an ASX request for information, Worley said that it "fully complied with its obligations under the ASX Listing Rules". The company also said the tribunal's decision was not material as it was not made by a court or regulator, and that it "strongly disputes" the tribunal's statements regarding corruption, insisting it did not breach anti-bribery and corruption laws.