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The board of building materials group James Hardie Industries approved a long-delayed final agreement yesterday to pay more than 3.3 billion US dollars to victims of asbestos-related diseases in Australia over 40 years.
The company is still waiting for a final decision from the tax office on whether it will allow the payments to asbestos disease sufferers to be deductible, a key factor on which the agreement hinges.
"All parties involved in the negotiations have agreed it is in the interests of asbestos claimants that James Hardie is, and remains, financially strong and able to continue to fund its business growth," said chairwoman Meredith Hellicar.
James Hardie used asbestos as a fire retardant in its wallboard and other products until Australia banned the material in 1984 because it contains tiny fibres that settle in the lungs and can eventually choke victims to death.
The company was forced to provide more funds after last year's inquiry found that it had misled the public in 2001 about money set aside for asbestos disease sufferers and made the fund seven times too small.
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