Former James Hardie chief banned

Justice Ian Gzell found Macdonald, two former executives and seven non-executives in breach of the act in 2001 when an asbestos compensation trust was formed and again in 2003 during a corporate restructure. WA Business News reported yesterday that a press release approved by the board of James Hardie in February 2001 was found to contain deceptive and misleading comments about the company’s capacity to meet its compensation liabilities for asbestos sufferers.In a statement James Hardie said Justice Gzell also found the company in breach of the act for failing to disclose the transfer of James Hardie Industries Ltd (JHIL) out of the James Hardie Group. WA Business News reported that the Australian Securities Investments Commission had pushed for fines of $1.47-1.81 million, and up to 16 years disqualification from managing any other business. Former general consul Peter Shafron received a seven-year ban and was fined $75,000, while former chief financial officer Phillip Morley was banned for five years and fined $35,000.The non-executive directors received fines of $30,000 and were banned from managing a company for five years.James Hardie itself was fined $80,000.

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