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March 12, 2008 |
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FORTESCUE METALS: Andrew Forrest Faces Legal Action from ASIC Australian Securities and Investments Commission will produce three witnesses in its Federal Court case against Australia's richest man, Andrew Forrest, and his company Fortescue Metals Group Ltd, ABC News reports. ASIC alleges that Fortescue Metals and Mr. Forrest failed to comply with continuous disclosure obligations when announcing contracts with two Chinese companies in 2004, ABC News relates. At the time the company was trying to secure funding for its multi billion-dollar iron ore project in the Pilbara. A source familiar with the situation told ABC News that ASIC has evidence from three expert witnesses, one of whose statements is 90 pages long. ASIC is pursuing Fortescue Metals for civil damages of AU$3 million and Mr. Forrest for AU$600,000. About Fortescue Metals Headquartered in West Perth, Western Australia, Fortescue Metals Group Limited -- http://fmgl.com.au/ -- is involved in the exploration of iron ore through a project to mine iron ore in the Chichester Ranges, in the Pilbara region of Western Australia and exporting it from Port Hedland. * * * Fortescue reported a net loss for the past three fiscal years. Net loss for the year ended June 30, 2007, was AU$68.43 million, while net losses for FY2006 was AU$2.15 million and for FY2005 was AU$4.52 million. |
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