Andrew Forrest, the mining magnate who briefly topped Australia's billionaires' list during the commodities boom, could be disqualified as a company director if the country's securities regulator succeeds in a court action starting in Perth on Monday.
The Australian Securities and Investments Commission is pursuing Mr Forrest and Fortescue Metals for allegedly misleading the stock market over announcements relating to agreements with China Railway Engineering Corp and China Metallurgical.
ASIC alleges that these were no more than agreements to consider agreements, and that Mr Forrest and Fortescue, the company he founded in 2002 that is now the country's third biggest iron ore producer, should have made that clear to the market.
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