| ASIC appeal against Hardie directors begins |
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(October 25, 2011)
The High Court has begun hearing an appeal by the Australian Securities and Investments Commission (ASIC) against seven former directors of James Hardie. In 2009, the NSW Supreme Court found the company's non-executive directors had misled the Australian Stock Exchange about James Hardie's capacity to fund asbestos claims. It banned former chairwoman Meredith Hellicar and former non-executive directors Michael Brown, Michael Gillfillan, Martin Koffel, Dan O'Brien, Greg Terry and Peter Wilcox from serving on company boards for five years. But the NSW Court of Appeal overturned the Supreme Court ruling in December 2010. The appeal court found that ASIC had failed to call key witness David Robb, a former partner of Allens Arthur Robinson and one of James Hardie's main external legal advisers. The court found Mr Robb would have been able to testify about whether the directors signed off on the misleading statement about the company's ability to fund asbestos claims. On Tuesday, commonwealth solicitor-general Stephen Gageler, acting for ASIC, told the High Court the board of James Hardie voted to approve the announcement about the compensation fund despite knowing the information was deceptive.
Source from Theage.com.au |
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