In Melbourne on Wednesday, Federal Court Justice John Middleton imposed no penalties on the six other former non-executive directors who were also involved in breaches of the Corporations Act relating to Centro's misleading financial reports for the 2006/07 financial year.
All eight defendants had their applications for exoneration dismissed.
"Very much at the forefront of my consideration has been the issue of general deterrence," Justice Middleton said.
"In my view, the orders go far enough to indicate the court's disapproval of the actions of each of the defendants, and to satisfy the requirements of the principle of general deterrence."
Former CEO Andrew Scott was fined $30,000 while former CFO Romano Nenna's two-year ban from any corporate management positions begins on October 10.
Included in the six former non-executive directors is current Centro Properties chairman Paul Cooper and current Centro Properties non-executive director Jim Hall.
A spokesman for the non-executive directors said they did not wish to comment publicly on Wednesday's findings.
In June, Justice Middleton ruled that Centro's directors failed to fulfil their corporate duties when they approved the annual reports of three related companies for the 2006/07 financial year.
The annual reports failed to disclose about $1.5 billion in short-term liabilities, or debt, held by Centro Properties Group by classifying them as non-current, or long-term, liabilities.
They also failed to disclose guarantees of short-term liabilities of an associated company worth about $US1.75 billion (then worth $A2.1 billion) that had been given after the balance date.
About $500 million of Centro Retail Trust's short-term liabilities were also classified as non-current.
Centro Properties is currently undertaking a significant restructure that, if successful, will cancel $2.9 billion worth of debt due to mature in December.
Its securities were down 0.4 of a cent to 3.9 cents at 1528 AEST.
CER Price at posting:
30.5¢ Sentiment: Hold Disclosure: Held
