Former executives of the company were recently fined in connection with asbestos claims.
Mesothelioma Cancer News (Wales) – Former executives of James Hardie NV were fined and banned from corporate management by the Wales Supreme Court. As reported by Bloomberg, 10 former executives of the company were given fines that ranged from $30,000 to $350,000 and barred from managing corporations for 5 to 15 years with Chief Executive Officer Peter Macdonald being given the maximum penalty in both cases.
As noted in the report, the executives were found to be in violation of the Corporations Act in 2001 due to statements made about the adequacy of funds in a company trust for the compensation of asbestos victims. James Hardie NV was also fined $80,000 for breach of a disclosure obligation in 2003.
The Australian Securities & Investments Commission reportedly released a statement saying the defendants would be able to appeal the penalties within 28 days of their orders.
Mesothelioma Cancer News provides news and information on asbestos attorneys and law.