February 14th, 2007

Aussie building materials manufacturer James Hardie has made an initial payment into the trust fund that will be used to compensate victims of asbestos related disease that has stemmed from exposure to asbestos through its products.

The Asbestos Injuries Compensation Fund received a payment of nearly one hundred and eighty five million dollars. The Amended and Restated Final Funding Agreement came into operation last week and Hardie stated that the initial payments satisfied the conditions relating to the agreement.

The claims that have been made against James Hardie industries can now be processed by officials from the AICF. The chairperson of James Hardie Industries stated that the company was delighted to have made this initial payment. The compensation deal was put together with co-operation from asbestos victims groups, the government, and unions.

The chair of James Hardie stated: "Like many, we have been looking forward to making this a reality for a long time. I'm sure this viewpoint will be shared by the many stakeholders who have worked with us to finalise the funding arrangements."