It will be a packed house at the New South Wales Supreme Court today, as a groundbreaking case against 10 former James Hardie executives and directors gets under way.

The Australian Securities and Investments Commission (ASIC) is seeking judgements that the 10 defendants knowingly misled investors over the adequacy of funding arrangements for asbestos-related compensation payments.

If the regulator’s case is proved, Peter Macdonald, Peter Shafon, Philip Morley, Michael Brown, Michael Gillfillan, Meredith Hellicar, Martin Koffell, Geoffrey O’Brien, Gregory Terry and Peter Willcox would face corporate bans and civil penalties of up to $200,000 each.

The charges were first filed in February last year, following an extensive ASIC investigation. But while the regulator remains confident of its civil case, it has advised there are no criminal charges pending against James Hardie or any of its staff.

“Subject to what may emerge in the course of the civil action, ASIC’s investigations are now complete,” ASIC said in a statement.

The hearing is expected to last several months.