NSW: Hardie's should open books to independent scrutiny: unions

AAP General News (Australia)
04-23-2009
NSW: Hardie's should open books to independent scrutiny: unions

SYDNEY, April 23 AAP - James Hardie should open its books to independent scrutiny to
prove it cannot contribute to its asbestos compensation fund, unions say.

James Hardie says its Asbestos Injuries Compensation Fund (AICF), backed by the NSW
government, was likely to face a shortfall over the next two years.

The fund issued a formal notification to James Hardie and to the NSW government warning
of the shortfall, and calling for discussions on alternative funding.

The building products manufacturer said it would take part in discussions but could
not afford to contribute more than its obligations under the current funding agreement.

But the ACTU and Unions NSW issued a joint statement saying they were disappointed
by James Hardie's announcement.

They now want a meeting with James Hardie to be briefed on the financial position of the company.

"It is our experience that this company has not always been totally forthcoming in
its dealings on matters relating to the compensation of victims of asbestos-related diseases,"

ACTU assistant secretary Geoff Fary said.

"We call upon James Hardie to open its books for independent scrutiny to justify its claims."

Unions NSW secretary Mark Lennon said asbestos victims should not be disadvantaged
because of the "gyrations of the international financial markets".

Mr Lennon said it was in the victims' best interests for James Hardie to remain a profitable
business, able to meet its obligation to victims for many years to come.

AAP nr/hn/ht/mn

KEYWORD: JAMES HARDIE FUND UNIONS

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