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ASIC granted special leave to appeal James Hardie decision

by Martha.Ware 16. May 2011 08:06

The High Court has granted special leave to appeal the decision of the NSW Court of Appeal in the James Hardie matter.

ASIC’s application for special leave concerns the former non-executive directors and the former company secretary and general counsel of James Hardie Industries Limited.

ASIC Chairman, Greg Medcraft, said: ‘ASIC acknowledges that it has an obligation to conduct proceedings fairly but is seeking clarification of the nature, content and scope of the duty of fairness stated by the Court of Appeal. There is a public interest in seeking this clarification, as it has a significant effect on the conduct of civil enforcement proceedings by regulatory agencies such as ASIC.

‘ASIC is also seeking to uphold the finding of the trial judge that the directors of James Hardie approved the ASX announcement made by the company and, in doing so, breached their duty to the company.’

Special leave has also been granted in respect of the application brought by Mr Shafron. Mr Morley has withdrawn his application for special leave.

More information is available on the ASIC Website.

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