Reuters reported Australian iron ore magnate Andrew Forrest and his Fortescue Metals Group (ASX:FMG) won a High Court challenge over a conviction for misleading investors.
As quoted in the market news:
The ruling on Tuesday comes at a critical time for heavily indebted Fortescue, the world’s No.4 iron ore miner, as it ramps up iron ore production just as demand in top consumer China slows and prices slide.
The long-running case relates to allegations of misleading investors in 2004. Forrest was convicted in 2011 and faced a potential ban on being a company director if he had lost his appeal to Australia’s highest court.