Uncertain future and $28m for Fortescue's Forrest

Australia's richest man Andrew Forrest will pocket $28m worth of Fortescue Metals Group dividends but faces disqualification as a director of the company that he founded because of a court ruling.

Australia's richest man Andrew Forrest will pocket $28m worth of Fortescue Metals Group (FMG) dividends but faces the prospect of being disqualified as a director of the company that he founded because of an adverse court ruling, AAP reported.

Forrest, who is worth around $7bn and has a 30 per cent stake in the iron ore miner he founded will benefit from a maiden dividend of three cents per share declared on the back of a seven-fold increase in first half net profit, thanks to booming production and iron ore prices.

The news comes on the same day as a decision by the Full Bench of the Federal Court, ruling that Fortescue and Mr Forrest have made misleading statements about infrastructure deals with Chinese firms that never came to fruition. FMG said it was dissapointed with the ruling, the ABC reported. A decision on penalties will be made at a later date, according to the ABC.