Hardie Receives Yet Another Extension for Asbestos Fund

November 1, 2006 - Australian asbestos victims were met with still another disappointment this week as the government granted James Hardie Corporation yet another extension to resolve difficulties that surround their asbestos fund for victims of asbestos-related diseases. 

The deadline for James Hardie to reach an agreement with the Australian Taxation Office (ATO) over the status of the compensation fund came and went on October 31st, with no solution reached.  The government of New South Wales has now given the company until November 14th to get the fund up and running.

Problems arose back in June of this year when the government ruled that the fund, worth up to $4.5 billion over 40 years, could not be treated as a charity for tax purposes. The original deadline for the finalization of all particulars related to the fund was originally scheduled for July 31st.

News.com Australia reports that the delay was no surprise to asbestos disease sufferers and those supporting them.  Asbestos Diseases Foundation president Barry Robson said the two-week extension was just "another rabbit out of the hat" and said he had little hope the deal would be finalized by the extension.

"I'm never hopeful dealing with Hardie. We've been down this road so many times over the last three years, we just don't believe them in anything they say or do," Robson told News.com. 

Robson said that if the fund isn’t finalized by Christmas, Hardie CEO Meredith Hellicar should expert a group of asbestos supporters caroling at her door.

“I hope we don't have to do it, but we have people writing the Christmas carols already and we're in the process of organizing buses and practicing singing," he said.