Fortescue Metals Group CEO Andrew Forrest has been named Australia's richest man, replacing casino tycoon James Packer.
According to the Forbes magazine, Mr. Forrest is valued at US$4.1 billion, with his net worth soaring 149 percent compared to 2009. He held first position in the list in 2008 but dropped to fifth last year. Mr. Forrest founded Fortescue in 2002 and owns 32 percent of the group.
As SteelOrbis previously reported, Mr. Forrest and his company faced a suit from Australian Securities and Investments Commission (ASIC) which alleged that the company misled the market in 2004 regarding deals with three major state-owned Chinese companies. In addition to fines worth US$8.6 million, the regulator's action threatened Mr. Forrest with the loss of his seat in the company.
ASIC has appealed a decision in favor of Fortescue in February, which is still before a federal court.