The Attorney-General, the Honourable Philip Ruddock and the Parliamentary Secretary to the Treasurer and Chairman of the Ministerial Council for Corporations (MINCO), the Honourable Chris Pearce today welcomed the unanimous agreement of MINCO to support a negotiated settlement that will ensure that victims of asbestos related diseases receive full and timely compensation from James Hardie.
“James Hardie must fulfil the commitment that it has already made to fund future compensation payments”, Mr Pearce said.
“All parties will benefit from a prompt settlement of this issue in a way that satisfies the needs and expectations of asbestos disease victims.”
In the event that the current negotiations between James Hardie, the ACTU and asbestos victims do not reach an acceptable conclusion, MINCO also agreed in principle to consider options for legislative reform and provide their vote, if necessary, on any legislation out of session.
The Commonwealth will investigate options that might be used to obtain funds from James Hardie in the event that it does not reach agreement with asbestos representatives.
MINCO also noted that the Commonwealth’s regulator, the Australian Securities and Investments Commission (ASIC), is currently undertaking a full investigation of the conduct of James Hardie in relation to the matters raised by the Jackson Inquiry. ASIC has already announced the establishment of a special taskforce to ensure that all matters are investigated and will not be confined to the specific matters that Mr Jackson was asked to examine.
ASIC has advised the Government that it is taking all steps necessary to investigate the matters and will not hesitate to prosecute contraventions of the Corporations legislation where established and appropriate.
“The Australian Government has been advised by Dutch and US authorities that, in general, conventional Australian court judgments can form the basis of legal action in their respective jurisdictions,” Mr Ruddock said.
“As such, treaties are not required, but the Government has been involved in communications with Dutch and US authorities regarding arrangements to ensure that Australian judgments are able to be enforced where necessary.
“The Government is supportive of measures that will see asbestos victims obtain proper compensation in a timely manner,” Mr Ruddock said.
At present, all successful claimants are being fully compensated from the resources of the Medical Research and Compensation Foundation.
5 November 2004
Media Contacts:
Mr Ruddock’s Office: Steve Ingram 0419 278 715
Mr Pearce’s Office: Bernie Finn 0419 140 405