Former James Hardie chief executive Peter Macdonald has been banned from managing a company for 15 years and fined $350,000 after being found guilty of issuing a false and misleading statement about the company’s ability to fund asbestos compensation.
The NSW Supreme Court also handed down strong penalties to former James Hardie non-executive directors, Meredith Hellicar and former Telstra director Peter Willcox. They were both fined $30,000 and banned from managing a company for five years.
Peter Shafron, the former general consul of James Hardie, was hit with a seven year band and fined $75,000, while former chief financial officer Phillip Morley was fined $35,000 and disqualified for five years.
The former James Hardie officials were found guilty in April of breaching the Corporation Act for their role in the release of a media statement in 2001 which claimed the company had the capacity to meet its obligation to funds it asbestos compensation fund.
The company itself was fined $80,000.
Some of the defendants may still lodge appeals against their penalties.
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