Ex-James Hardie execs banned over asbestos comp case

SYDNEY: Former bosses of building materials giant James Hardie Industries were yesterday banned from holding managerial positions in Australia and handed stiff fines for misleading the public about the size of a fund to compensate victims of the company's asbestos.

The fines handed down by an Australian court were significantly less than the country's antitrust regulator had sought, and brought a mixed reaction from the families of some of those who died as a result of exposure to the disease-causing asbestos. James Hardie NV said it was considering appealing the decision.

Justice Ian Gzell in April found that 10 former James Hardie executives breached the Corporations Act in public statements in 2001 that the company had set aside enough funds to compensate asbestos victims. Two years later, the fund was found to have a shortfall of A$1 billion.