Yesterday, Green activists dealt a shocking blow to our system of law and order when a young man who released a fake press release which wiped over three million dollars off the share price of a company listed on the stock exchange - walked away with just a two year good behaviour bond.
Jonathan Moylan ( 26 ) issued a press release on ANZ bank letterhead reporting that the bank had withdrawn a $ 1.2 billion loan to develop Whitehaven Coal's Maulls Creek coal mine - because of concern about the volatility of the coal industry. Immediately, the share price dropped precipitously as both institutional investors and Mum and Dad self managed retirement schemes dropped their holdings - and ran for the door. This act of industrial sabotage wiped over three hundred million dollars off the share price - and a lot of innocent people lost money.
What must be of concern to our concept of a stable legal system is the tactics used by the Green activist movement to secure the release without punishment of a fellow activist who had clearly broken the law in pursuing his objectives. The movement has conducted street rallies and public meetings - well covered by the media - and on judgement day they filled the court with supporters carrying signs demanding his release. Clearly, the objective was intimidation. The Green movement was sending a message that their opposition to the mining and use of coal would not be constrained by the need to conform with any law. They were publicly proclaiming Moylan as a hero - and demanding that his breach of an important economic law be ignored.
It is essential that the money market has confidence in the integrity of prices on the trading floor. The release of false press releases is a serious crime and when the end result is a deliberate scam to cause investors to lose money it comes under the same credentials as robbery - nomatter what excuses are offered. It seems that the intimidation of the courts now takes precedence over the actual statutes of law that apply to such cases.
Moylan has said that he is " sorry " for any loss caused, and provided he avoids any type of offence for the next two years he is home free. However, this finding opens the door for any similar young man with the ability to create a similar attack on a company in the sights of the Green movement - and a court precedent has been set in the area of punishment handed down. If that happens, the Green movement will again close ranks, take to the streets - and do their best to intimidate by using the media to enhance what the public estimate to be their numbers.
It is hard to differentiate between the tactics of the Greens - and the methods used by various terrorist organizations. It seems that both have contempt for our legal system - until it happens to suit their cause - and both consider themselves way above the law.
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