December 20th, 2005
Australian manufacturing company James Hardie has been backed into a corner by the New South Wales government with regards to its plan to put together a compensation deal for those affected by its asbestos products. The company has been under fire for the last year after many people claim to have been seriously affected by the exposure to deadly asbestos from the company’s products.
Hardie officials have since expressed disappointment and concern over the New South Wales Premiere’s decision to pass legislation should the compensation deal not be sorted by the deadline. The Premiere, Mr. Morris Iemma, has stated that legislation could be passed as early as next week if no decision or agreement is finalized. The legislation will force the company’s hand to make $2 billion in compensation payouts to victims of asbestos exposure.
Negotiations have been ongoing for a year with regards to coming up with a settlement plan for compensation payouts. However, Hardie officials state that more time is required to make sure that the agreement and deal reached is the right one. The spokesperson stated: "I think it's unfortunate that the Premier has made the threat at this time when progress continues to be made on both sides."
However Mr. Iemma, has stated: "We are going to legislate, one way or the other, to give justice to the victims of James Hardie asbestos."
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