James Hardie directors 'mislead ASX'

SEVEN former non-executive directors of James Hardie misled the Australian Stock Exchange about how much money was available to compensate victims of asbestos exposure.

More than 10 years after the construction products manufacturer set up a fund to compensate victims of asbestos exposure, the High Court has found that company directors misled the ASX.

A 2001 restructure of the company removed liability-stricken business units from the Hardie group, creating a foundation to fund compensation claims against the companies by victims of asbestos products.

A civil challenge the Australian Securities and Investment Commission brought against the Hardie directors in the New South Wales Supreme Court in 2007 was appealed to the state's Court of Appeal.

That court allowed the appeal to proceed, as ASIC had not called a crucial witness, which the court found that ASIC's case was "so diminished as to not have been proven".

The ASIC then appealed the case to the High Court, which made a decision today.

The High Court held that the seven directors of James Hardie had breached their duties, in misleading the stock exchange on the amount of money available to pay compensation to victims of asbestos-related products.

The court returned the case to the New South Wales Court of Appeal for "further consideration of remaining issues".

In a separate but related case heard today, the High Court held that former company secretary and counsel, Peter James Shafron, failed to discharge his duties as a company officer with the required "care and diligence".

The court held that Mr Shafron also failed to advise the James Hardie board that a study he commissioned to predict asbestos-related liabilities "suffered from critical limitations".

The ASIC will make a statement on the matter later today.

Topics:  asbestos asx high court

SUV passenger attacks pedestrian in city assault

Police Remembrance Day march to Brown's Park in North Ipswich on Thursday.

The assault is alleged to have occurred at about 10am in Ipswich

This week's community billboard

Learn woodworking and crafting with the Ipswich Woodcrafts Club.

A daily guide to what's on in Ipswich over the next seven days

Readers love Selina's "stunner"

Here is this week's Facebook cover image as chosen by you.

Congratulations Selina Boyle

Local Partners

Workmates honour crash victim with tribute

UPDATE: Tanya Lyell is being remembered as a young mother dedicated to her family and work as the town she called home mourns its loss.

This week's community billboard

Learn woodworking and crafting with the Ipswich Woodcrafts Club.

A daily guide to what's on in Ipswich over the next seven days

Community garden set for Palmwoods

Kay Nixon at the Palmwoods Community Gardens will be hosting a launch day and inviting the ecommunity to come along and sign up.

Parcel of land to supply sustainable gardening for community

Things to do this week

Dragon play Ipswich Civic Centre on Friday October 28

What's on in Ipswich

Steve Irwin's final days through dad's eyes

Bob Irwin with his son Steve.

'You never expect that’s the last time you’re going to see your son'

Kristie doesn't mind being the third wheel in Survivor final

Kristie Bennett in a scene from Australian Survivor.

SOLO player will take on Survivor's power couple Lee and El tonight.

Scary hoping Posh and Sporty will re-join The Spice Girls

Mel B

Mel B hoping Victoria Beckham, Mel C will re-join The Spice Girls

REVIEW: Michael McIntyre has Brisbane in stitches

Michael McIntyre in a scene from his TV series Michael McIntyre's Comedy Roadshow.

BRITISH comedian is in the country on his Happy and Glorious Tour.

Cliff Richard doesn't need Rod Stewart's help with legal bills

Sir Cliff Richard

"'Don't worry, I'm loaded. I won't keep you to it.' "

Look at me! Kath and Kim home up for sale

Kath and Kim from the iconic Aussie TV series.

'Crack open the Baileys and grab a box of BBQ Shapes'

How to fit 100,000 new homes on the Coast

Property, real estate, housing, suburb,  August 2016

Fitting 2m extra people in south-east Qld in 25 years a balance

Hinterland horse stud passed in for $8.25 million

UNREAL: This Maleny estate is incredible.

12-bedroom hinterland horse stud still available

Hit songwriter's Noosa mansion on market

SPECIAL PLACE: The Cintamani estate is going to tender, marketed by Tom Offermann Real Estate.

Is this Queensland's best property?

Kiwi siblings snap up Dotcom mansion for $32.5m

The new toy company owners of the Coatesville mansion want replace any controversy with positivity and fun. Photo / Barfoot and Thompson

The trio paid $32.5 million for the property in June

New $200 million development will create 580 jobs

Cassie And Josh with baby Alfie and daughter Andee. They have bought at new Lennox Head development Epiq.

Majority of new positions will be given to Northern Rivers locals