Quite right, owners should always be informed even if it is to...

Quite right, owners should always be informed even if it is to the short term detriment of the share price. They (UGL management) were probably shareholders as well and perhaps had incentives linked to the deal. There was possibly also an element of willful blindness to the cost blowouts on Ichthys whilst 'concentrating' on the DTZ sale.

All totally speculation of course and even if I'm right, I don't suggest that it could be a defense. UGL management look fairly well boned on this one in my opinion.