Forrest Appeals to Top Court to Keep Fortescue Post

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Feb. 29 (Bloomberg) -- Fortescue Metals Group Ltd. founder Andrew Forrest is fighting Australian regulators to maintain management control over the company that made him the country’s third-richest person. Forrest faces removal from his chairman post after the Australian Securities and Investment Commission won an appeals court ruling last year that said he and Fortescue, the country’s third-biggest exporter of iron ore, broke regulatory rules and misled shareholders with a description of contracts with three Chinese companies. He’s appealing to the highest court in the land to reverse that decision. Shraysi Tandon reports on Bloomberg Television's "First Up" with Susan Li. (Source: Bloomberg)

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