The court increased Stephan Schmidheiny's prison sentence in absentia to 18 years from 16 years when he was first convicted last year and ordered him to pay tens of millions of euros (dollars) to local authorities and victims' families.
Campaigners immediately hailed the verdict as an important landmark in the fight against asbestos, which is now banned by the European Union but is still widely used in the developing world.
Bruno Pesce, head of the Association of Families of Asbestos Victims, who was present at the hearing, said the sentence was "a precedent".
Speaking to news channel Sky Tg 24, another campaigner Nicola Pondrano, said the company's management had been "not just irresponsible but really criminal because they did not give workers basic information like the fact that asbestos is cancerogenic."
Eternit had caused "a real massacre" in the towns in which it had plants, Pondrano said.
The tycoon is the former owner of Italian company Eternit, which made construction material using asbestos in the 1970s and 1980s, and he was taken to court by a group of former employees.
Referred to by Forbes magazine as the "Bill Gates of Switzerland" for his philanthropy, Schmidheiny was found by the appeals court to have caused "a permanent health and environment catastrophe".
Prosecutor Raffaele Guariniello said the verdict gave "everyone in Italy and the whole world the right to dream that justice can and must be done."
The town of Casale Monferrato, one of the worst hit by asbestos-related cases, was awarded 30.9 million euros in damages while the Piedmont region, where the largest Eternit factory was located, was awarded 20 million euros.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
