Australian Securities And Investments Commission News

Craig Perciavalle resigned as president of Austal USA on Monday amid investigations into the shipbuilder's littoral combat ship (LCS) program for the U.S. Navy.Chief financial officer Rusty Murdaugh has been named interim president of the Mobile, Ala. shipbuilder, a subsidiary of Australia-based Austal.According to Austal, the separate ongoing investigations by the U.S. Department of Justice, the Securities Exchange Commission, and the Australian Securities and Investments Commission are focused on "historical matters" before July 2016.

Shares in Australia's Padbury Mining Ltd plunged as trading in the stock resumed after its plans for a deal to build a $6.5 billion iron ore port and rail network collapsed within a month of being announced. Padbury, a small explorer, surprised markets on April 11 when it said it had lined up more than $6 billion in funding from unnamed investors to build an iron ore port and rail line in Western Australia, a project that had been stuck on the drawing board for two decades. Padbury's announcement triggered a spike in its shares and the Australian Securities Exchange slammed a halt on trading until the company provided more details on the deal.