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Cleanaway Waste Management ( (AU:CWY) ) just unveiled an announcement.
Cleanaway Waste Management has disclosed that the Victorian Supreme Court has ruled in favour of the state’s Environment Protection Authority over an alleged historical underpayment of landfill levies at its Melbourne Regional Landfill for the 2018 financial year. The dispute centres on whether materials purchased from an adjacent Boral quarry and used in landfill operations should be classified as waste and therefore subject to landfill levies, with the court agreeing with the regulator’s position.
The alleged underpayment for FY18 is $6.9 million, while EPA audits for FY19 and FY22 have indicated further potential underpayments of $4.7 million and $7.2 million respectively, although these later years were not part of the court decision handed down. Cleanaway is reviewing the judgment and has a 42‑day window to decide whether to appeal, leaving investors and stakeholders facing continued uncertainty over the final financial impact and any broader implications for landfill levy treatment of similar materials.
The most recent analyst rating on (AU:CWY) stock is a Buy with a A$2.91 price target. To see the full list of analyst forecasts on Cleanaway Waste Management stock, see the AU:CWY Stock Forecast page.
More about Cleanaway Waste Management
Cleanaway Waste Management Limited is Australia’s leading sustainable waste management, industrial and environmental services company, operating more than 350 locations across Australia, New Zealand and the Middle East. The company manages a large fleet of over 6,400 vehicles and an extensive network of recycling facilities, transfer stations, engineered landfills, liquid treatment plants and refineries, focusing on delivering sustainable waste and industrial solutions for government, commercial and community customers.
Average Trading Volume: 8,205,729
Technical Sentiment Signal: Hold
Current Market Cap: A$5B
See more insights into CWY stock on TipRanks’ Stock Analysis page.