Keegan won a case of constructive dismissal after resigning as manager in 2008.
An independent arbitration panel awarded Keegan £2million plus interest.
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The tribunal panel accused Ashley of "repeatedly and unintentionally misleading the press, public and fans of Newcastle United".
Keegan, in his forthcoming autobiography "My Life in Football", reveals details of the tribual that weren't reported at the time.
In extracts published by the Daily Mail, Keegan reveals that Ashley was asked why he had said in an interview with a fanzine that the final transfer decisions were Keegan's – and that club executives Tony Jimenez and Dennis Wise were only there to recommend players.
The interview was also published on the club's website and printed in the match programme.
"I have never looked at the club website," Ashley is quoted as replying. "And I have to be exceptionally bored to read the programme. You will get more sense out of the Beano."
Ashley had also said in an interview that a 2-0 win over Sunderland was his favourite moment as Newcastle owner.
"It wasn’t," he is said to have told the tribunal. "It was when we beat Spurs 4-1. If you want to refer to dealing with the media as lying, then I would say ‘yes’, but I don’t think it’s lying in the true sense of the word."
* My Life in Football is published by Macmillian on October 4