I know this guy has never won an America's Cup or thrown bags of diamonds around to politicians, hasn't been able to build a railway line in the Pilbara but he sure has employed a heck of a lot of people and has tried his best. It must be tough for ASIC to look at the whole market.
Quite sad news really, I thought us Aussies were above this.
ASIC wins FMG appeal, Forrest faces ban
The corporate regulator has successfully overturned an earlier court dismissal of its long-running case against Fortescue Metals Group Ltd and its billionaire founder Andrew Forrest.
The dismissal of the Australian Securities and Investments Commission's 2009 case against Mr Forrest and Fortescue, which at the time alleged he and the company made misleading claims about infrastructure deals that never came to fruition, was overturned by the Full Bench of the Federal Court in Perth.
Chief Justice Patrick Keane, Justice Arthur Emmett and Justice Ray Finkelstein determined on Friday that Fortescue had indeed engaged in such conduct by making inaccurate public statements in 2004 about "binding" deals with Chinese firms.
The miner had also failed to comply with its continuous disclosure obligations while Mr Forrest was found to have breached the care and diligence obligations incumbent on directors under the Corporations Act.
Mr Forrest now faces a ban from acting as a company director.