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Carr seeks US probe on Hardie
October 6, 2004
NSW Premier Bob Carr has written to the US corporate watchdog, urging it to examine whether James Hardie Industries has breached any laws there.
Mr Carr also sent the chairman of the US Securities and Exchange Commission (SEC) a copy of Commissioner David Jackson's report on the building supplier's asbestos liabilities.
"Given that James Hardie generates more than 80 per cent of its revenue from the US market it's imperative that US authorities are made aware of the damning findings of the Jackson report," he said today.
The Jackson report found James Hardie Industries' fund for asbestos victims was short by up to $1.5 billion.
It also recommended that a number of criminal charges be pursued against the company and its directors for breaches of Australia's corporate legislation.
Mr Carr said he hoped to arm the US regulator with the necessary information to take action against the building supplier, which has been listed on the New York stock exchange since 2001.
"I have asked the SEC to review the Jackson report to ensure that all US regulatory requirements have been met by James Hardie," he said.
"I trust the US commission will be monitoring the conduct of James Hardie to ensure it complies with US laws."
AAP
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