A former chief executive of building company James Hardie has been fined $A350,000 for issuing false and misleading statements about its ability to fund asbestos compensation.
The company mined and manufactured asbestos, which causes fatal lung diseases, for most of last century, the ABC website reports.
The New South Wales Supreme Court also disqualified Peter Macdonald from managing a corporation for 15 years.
Former chairwoman Meredith Hellicar was disqualified for five years and fined $A30,000.
The Australian Securities and Investments Commission had wanted the former board members disqualified from managing companies for periods ranging from five to 16 years and fined between $A120,000 and $A1.81 million.
