Australia activist faces jail over Whitehaven hoax
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An anti-coal activist was charged on Tuesday with issuing a fake press release that temporarily wiped more than Aus$300 million (US$278 million) from the share price of Australia's Whitehaven Coal.
Jonathan Moylan, 25, faced a Sydney court on a charge of contravening the Corporations Act by disseminating false information to the market.
He faces a maximum 10 years' imprisonment, a fine of up to Aus$765,000, or both if convicted.
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Moylan, from the anti-coal mining group Front Line Action on Coal, allegedly sent a press release in January purporting to be from major lender ANZ Bank, claiming it had withdrawn Aus$1.2 billion in funding for Whitehaven's flagship Maules Creek mine.
The hoax, which was reported by the media, saw Whitehaven's share price tank 8.8 percent before a trading halt was called.
Front Line Action on Coal accuses Whitehaven of planning to destroy a large tract of koala habitat and force farmers off their land through soil damage from its Maules Creek project in New South Wales.
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The project is yet to receive approval from the Australian government. If it goes ahead it will be one of the world's largest open-cut coal mines.
Magistrate Jacqueline Milledge adjourned the matter until September 3.