The Australian Securities and Investments Commission (ASIC) has begun investigations into the creation of a fund by James Hardie Industries to compensate victims of asbestos-related illness. This follows ASIC’s monitoring of the special commission of inquiry in NSW and the release of the commission’s report into James Hardie’s handling of asbestos liabilities.

ASIC Chairman Jeffrey Lucy says ASIC is “deeply concerned” about serious corporate governance issues raised by commissioner David Jackson QC, and the community can be assured that ASIC will vigorously pursue breaches of the law.

The ASIC investigation will include the conduct of certain directors and officers of the James Hardie group and associated parties, and market disclosures made by the companies and individuals.

ASIC is discussing the release of documents provided to the inquiry with the NSW Government.