Wednesday, November 1, 2006

Australian Asbestos Compensation Fund Delayed

Article in the Melbourne Herald Sun -- James Hardie Deadline Extended -- concerning an extension of time for James Hardie Industries to fund a compensation plan (Final Funding Agreement) to meet its asbestos compensation obligations pursuant to a December 2005 agreement and legislation:

THE NSW [New South Wales] government has extended until November 14 the deadline for James Hardie to finalise the funding deal relating to its compensation obligations for victims of its asbestos products.

The previous deadline expired yesterday with the building products company still to reach an agreement with the Australian Taxation Office over the status of the compensation fund.

The deal was thrown into doubt after a tax office ruling in June this year that the fund, worth up to $4.5 billion over 40 years, could not be treated as a charity for tax purposes.

HME

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