International Law

ASIC v James Hardie directors update

ASIC has confirmed it is proceeding with a hearing of its civil action against seven former directors and three former company officers of the James Hardie Group in the NSW Supreme Court on 29 September.

ASIC also said that no criminal proceedings are proposed.

Among other things, the Court will be asked to consider whether the former directors and officers failed to discharge their duties with due care and diligence in that they, having regard to the information of which they were aware and which was available to them at the relevant times, did not take steps to ensure that James Hardie Industries Limited (JHIL) did not contravene its obligations under the Corporations Act with respect to disclosures made concerning:

• the adequacy of funding to be made available in 2001 for victims of asbestos related diseases;
• future plans relating to JHIL and partly paid shares issued by JHIL.

Full post as published by Australian Regulatory Compliance Review on September 04, 2008 (boomark / email).