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James Hardie continues talks
October 1, 2004 - 1:19PM
James Hardie Industries is continuing talks with the ACTU and representatives of asbestos victims about how James Hardie will fund its outstanding and future liabilities to victims.
The company's chairwoman Meredith Hellicar is meeting with ACTU Secretary Greg Combet and representatives of asbestos victims in Sydney to discuss how the company will fund its outstanding and future liabilities to victims.
The group planned to meet with media at 11.15am (AEST), but instead declined to comment, saying negotiations would continue and a response would be made after 3pm on Friday.
Union and asbestos support groups representative Jack Rush, QC, and New South Wales Labor Council secretary John Robertson are also in the meeting, alongside asbestosis sufferer Bernie Banton.
On the James Hardie side of the table is Melbourne lawyer, Leon Swier, of the boutique firm Arnold Bloch Liebler as well as financial advisers from Caliburn Partnership.
James Hardie has volunteered to provide funding for a statutory scheme to handle the compensation claims, but unions are opposed to such a scheme.
At the moment, victims of James Hardie asbestos products are compensated through the MRCF, a foundation James Hardie established in February 2001 to take over its asbestos liabilities.
James Hardie provided the foundation with $293 million.
That money is expected to run out in just three years with a shortfall of well over $1 billion.
An inquiry into the funding arrangements found that James Hardie's chief executive Peter Macdonald and then legal counsel Peter Shafron had misled and deceived the directors of the MRCF by allowing them to rely on unsuitable funding projections.
© 2004 AAP
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