Another Deadline Extension For James Hardie

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Another Deadline Extension For James Hardie

October 13th, 2006

The Aussie building materials manufacturer James Hardie has been given another deadline extension in relation to the finalization of the $1.5 billion compensation fund that was set up to compensate the victims of asbestos exposure who were affected by the company�s asbestos based products.

The deadline to finalize the conditions of the trust fund has now been pushed back to the end of October with the cooperation of the NSW government. One official stated that the delays had been caused by the involvement of the tax office, and that changes made to the final agreement by the tax office have slowed things down.

James Hardie chief executive Louis Gries said: "These are complex arrangements that are regrettably taking longer to finalize than expected. However there is considerable good will and cooperation among all stakeholders to remove any remaining barriers to implementation of the final funding agreement."

The Medical Research and Compensation Foundation is currently providing victims with compensation. However, officials state that by December this fund could have dried up unless further funding is made available.

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