We believe ASIC urgently needs to get involved to clarify the facts around UGL's warning last week. Last week, UGL provided the market with an update that revealed it faced potential damages claim relating to the construction of the Ichthys LNG project. The stock slumped 15 per cent. The warning raises the question of who knew what and when. Press reports suggest that information was available in the US market that was not available in the Australian market. Remarkably, the ASX recently sought clarification from UGL of its knowledge or awareness of events. However, the questions were embarrassingly standard and failed to note the press reports and the US market release. (VIEW LINK)