TUC Risks reported in September that the former managing director of James Hardie, Peter Macdonald, has been revealed as the target of a criminal investigation over compensation to asbestos victims.
He is first to be named as being investigated by the Australian Securities and Investments Commission since it flagged a criminal investigation in February into the scandal that cost Mr Macdonald his job. Mr Macdonald's barrister, Steven Finch, disclosed the investigation in the NSW Supreme Court last month as he argued that his client should be excused from giving ASIC any information during a civil penalty case. Mr Finch said ASIC had written advising 'a criminal investigation is under way' but gave no further details.
Mr Macdonald, who led James Hardie from California where he oversaw the successful expansion of its housing products business in the US, has made no public appearance in Australia since a torrid stint in the witness box at the 2004 special commission of inquiry into the under funded asbestos disease compensation scheme. He resigned from the company during the furore after the commission's final report in which David Jackson QC said there appeared to be evidence of criminality.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment