November 27th, 2006

Australian buildings products manufacturer, James Hardie, has stated that it intends to take its agreement relating to a 40 year asbestos compensation payout fund to its shareholders next year, and that the first $184 million could be paid to the country by early 2007 subject to agreement by shareholders.

Over $4.5 billion is to be paid into the compensation fund in total by the company. James Hardie was found to have left inadequate funds to make compensation payments, and following an enquiry authorities had been planning to press charges against some of the executives from the company.

Hardie was forced to negotiate funds with union in 2004 by the New South Wales Government. The Australian Securities and Investment Commission will be announcing whether any charges will be pressed against former executives from the company.

With regards to the negotiations carried out by the New South Wales Government, Australian Council of Trade Unions secretary Greg Combet, stated: "The role of former premier Bob Carr and the role of current New South Wales Premier Morris Iemma has been fundamental. Without the support and work of the State Government, asbestos victims wouldn't receive this compensation in years to come."