ASIC has had a difficult and ultimately unsuccessful pursuit of Fortescue Metals Group Limited (FMG) and its former Managing Director Andrew Forrest (Forrest).
ASIC alleged that FMG had overstated the effect of framework agreements which FMG signed with three Chinese government owned contractors in 2004 to build and finance the infrastructure for FMG's then embryonic iron ore project in the Pilbara. In particular:
The High Court disposed of ASIC's claim on the basis that FMG's statements were not misleading. Hence there was nothing that FMG was required to correct.
This article discusses the case and the implications of the High Court decision.
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