Fortescue reportedly loses ASIC appeal

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SYDNEY (MarketWatch) - Australian iron-ore miner Fortescue Metals Ltd on Friday lost an appeal against the Australian Securities and Investment Commission which could see its chief executive barred from acting as a director, the Australian newspaper reported. The case related to public statements made by the firm in 2004 about "binding" infrastructure deals with Chinese parties that were never completed, the newspaper said. The report said Fortescue chief executive Andrew Forrest is likely to be fined and disqualified from acting as a director following the decision by the Federal Court.

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