Leighton looks for better luck with new name
Leighton Holdings is changing its name to avoid corruption allegations.
The major Australian firm is seeking to avoid its own dodgy reputation by re-naming itself CIMIC - Construction, Infrastructure, Mining and Concessions.
Shareholders will vote on the name change at the company’s AGM in April.
Leighton has plenty of alleged skeletons in the closet.
Federal police and the Australian Securities and Investments Commission are still investigating former Leighton executives for dealings between 2009 and 2011.
There is a strong chance that charges will be laid against former executives for bribery linked to a multimillion-dollar oil pipeline in Iraq.
Fresh allegations of corruption came in Fairfax Media reports this year, where Indian police demanded Bruce Munro - who is in charge of Leighton's Thiess division - undergo questioning over allegations he cheated a business partner in a multibillion-dollar coal deal.
The name change will requires approval from at least 75 per cent of shareholders.
Following a buy-out last year, Spanish builder ACS currently controls 70 per cent of Leighton.