ID :
36505
Fri, 12/19/2008 - 16:37
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http://m.oananews.org//node/36505
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James Hardie case `well into next year`
The corporate watchdog's legal action against the former board of James Hardie is likely to continue well into the new year, a court has been told.
The Australian Securities and Investments Commission (ASIC) is suing 10 former James Hardie executives and directors, alleging they made misleading public statements about the company's ability to fully compensate asbestos victims in 2001.
The defendants face maximum penalties of $200,000 each and a possible ban from managing a corporation.
The trial began in September and concluded day 36 of hearings in the NSW Supreme Court on Friday before breaking for a six-week recess.
Former James Hardie chairwoman Meredith Hellicar is appearing before the court to give evidence and will be required to return to the stand when the trial resumes on February 2 next year.
The court was told by ASIC barrister Tony Bannon SC on Friday another three weeks of evidence was likely to be heard upon the resumption of the hearings.
A number of barristers representing the defendants have asked for a further break in proceedings at the conclusion of the evidence in order to prepare their written submissions.
Submissions from each defendant will be tendered to the court for consideration by Justice Ian Gzell, who must then write his judgement.
Justice Gzell indicated to the court he wished to deal with the matter as efficiently as possible but a number of defendants spoke of the likely length and complexity of their submissions.
The Australian Securities and Investments Commission (ASIC) is suing 10 former James Hardie executives and directors, alleging they made misleading public statements about the company's ability to fully compensate asbestos victims in 2001.
The defendants face maximum penalties of $200,000 each and a possible ban from managing a corporation.
The trial began in September and concluded day 36 of hearings in the NSW Supreme Court on Friday before breaking for a six-week recess.
Former James Hardie chairwoman Meredith Hellicar is appearing before the court to give evidence and will be required to return to the stand when the trial resumes on February 2 next year.
The court was told by ASIC barrister Tony Bannon SC on Friday another three weeks of evidence was likely to be heard upon the resumption of the hearings.
A number of barristers representing the defendants have asked for a further break in proceedings at the conclusion of the evidence in order to prepare their written submissions.
Submissions from each defendant will be tendered to the court for consideration by Justice Ian Gzell, who must then write his judgement.
Justice Gzell indicated to the court he wished to deal with the matter as efficiently as possible but a number of defendants spoke of the likely length and complexity of their submissions.
