Centro Properties Group’s former chief executive officer was sued by Australia’s securities regulator after the mall owner’s failure to refinance debt led to shareholder losses of more than A$8bn.

Former CEO Andrew Scott and former Centro chairman Brian Healey are among defendants in a case brought against former and current directors of the Melbourne-based company in Australia’s federal court over alleged breaches of their duties, the Australian Securities and Investment Commission said today in an e-mailed statement. ASIC is also seeking to disqualify the directors and officers from managing corporations.