James Hardie made the Initial Payment
The initial payment if $1834.3 was made by James Hardie to the Asbestos Injuries Compensation Fund (AICF). Asbestos victims will receive the compensation from AICF. James Hardie told that this was done with regard to the last condition of the Amented funding agreement. This agrement has become fully operational on Friday.
Meredith Hellicar, Chairperson of James Hardie told that she was extremely heartened and proud of the result.
"Like many, we have been looking forward to making this a reality for a long time," Ms Hellicar said, "I'm sure this viewpoint will be shared by the many stakeholders who have worked with us to finalise the funding arrangements."
The meeting of James Hardie shareholders was in the first week of February. Company's plan to Pour $4 billion over 40 years towards Asbestos Injuries Compensation Fund was supported astonishingly. More than 99% voted in favour of the decision. The asbestos victims was overexcited regarding the decision.
"I am convinced the battle is over," said Bernie Banton, one of the faces among the compensation fighters after the meeting.
However, all were not fully convinced even after the decison was passed. "I'll believe it when the money is in the bank," said Ms Ella Sweeney, who is recovering from a breast cancer operation. The 67 yeal old lady is in a Sydney hospital bed now. She was one of the leaders of the fight for compensation in the 1990s.
ACTU secretary Greg Combet also had warned the victims not to be too excited. Although he has paid tribute to the the Asbestos Diseases Association in securing the deal, he had told that the overseas companies with large liabilities had often gone bust.
However, James Hardie has told that they are not sure whether the package could provide sufficient funds to meet all the claims made against it. The company had made an agreement with the Australian Taxation Office last November to make the payment tax duductable.
Prime Minister John Howard had welcomed the deal. He however, agreed that it's too late for many victims.
"This has been a long battle, it's been a difficult issue," he said, "I acknowledge the role of the union movement, I also respect the fight carried on by individual workers."
