ASIC is probing Leighton’s relationship with Indian construction firm Welspun after it uncovered a perceived failure by Leighton to disclose material financial information relating to Welspun’s purchase of a 35% stake in its Indian operations in 2010, the Australian Financial Review reports.

Leighton was already on ASIC’s bribe watch over potential breaches of Australian foreign bribery laws and the Corporations Act following allegations made last October that Leighton paid multi-million dollar kickbacks to win contracts overseas.

At the time, a Fairfax Media investigation discovered that former Leighton International boss David Savage had signed off on an alleged $42 million kickback to win a $750 million oil pipeline contract in Iraq in 2010.

The revelation last year cost Savage his seat on the board of UK engineering group Keller.

Leighton is currently the subject of a restructure by majority shareholder Hochtief.