A press release issued in 2001 by building materials group James Hardie to the Australian Stock Exchange was "misleading", an inquiry was told. The NSW Special Commission of Inquiry heard that the press release - issued on February 16, 2001 - stated that the charitable trust, the Medical Research and Compensation Foundation (MRCF), set up by Hardie was "fully funded". Written submissions made last month to the inquiry into the company's handling of asbestos compensation, claimed that chief executive Peter Macdonald had misled the Australian Stock Exchange and should be prosecuted as a result. The release stated that the MRCF had starting assets of $293 million which were "sufficient funds to meet all legitimate compensation claims anticipated from people injured by asbestos products that were manufactured in the past by two former subsidiaries". That amount is now expected to run out in just three years time and the estimated shortfall is now well over $1 billion.