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James Hardie should come clean on bottom line
JAMES HARDIE SHOULD COME CLEAN ON BOTTOM LINE
Friday 24 April, 2009
The Asbestos Diseases Society of Victoria has joined support groups around Australia in condemning James Hardie industries for their blatant refusal to compensate sufferers of diseases caused through exposure to their products, Executive Officer Tim Tolhurst said today.
Hardies have blamed the Global Financial Crisis in the USA for reducing monies available to the Asbestos Injury Compensation Fund (ACIF) that they established to distribute compensation payments and to meet future claims – despite the fact that they knew the fund was massively under-resourced to meet these needs.
Around 800 people die each year from mesothelioma – a deadly cancer, whilst another 2,000 contract other asbestos-related diseases. This number is predicted to increase over the next five years with more men and women being diagnosed earlier in their lives.
“This is another page in the long and sorry history of evasion and deceit that Hardie’s has practised upon the Australian people and we all know that this is not the first time they have attempted to hide the true value of their bottom line.
“We call upon the Federal Government to force James Hardie to open their books. They are a huge international company with diverse income sources.
“They had no trouble finding the $18 million they’ve just spent in court, trying to get 10 directors off the hook for covering up the truth about their real assets, so experience has shown that it is unwise to take this company’s statements at face value.
Mr Tolhurst said it is unacceptable that James Hardie’s losses in the USA building market can diminish their financial obligation to the ACIF. The Federal Government must call them to account and fully examine their alternative profits and income.
ADSVIC is greatly concerned about the impact James Hardie’s predictions will have on asbestos diseases sufferers going through the legal system at present. We urge the Government to reassure these litigants as soon as possible that their claims, if successful, will be met,” Mr Tolhurst said.