Mesothelioma compensation controversy for Australian building materials firm
The executives of Australian-based building materials firm James Hardie were spared criminal proceedings after an exhaustive enquiry over mesothelioma compensation to asbestos victims decided that there was insufficient evidence to proceed with a criminal trial. The Commonwealth Director of Public Prosecution made the decision in September 2008.
James Hardie is an industrial buildings company headquartered in the Netherlands specialising in fibre cement products. Founded in 1888 by a Scottish emigrant, James Hardie Industries Ltd. was first listed on the Australian Stock Exchange in 1951. However, it is alleged that the decision to restructure and relocate the company in the Netherlands was an attempt to escape the ensuing asbestos controversy.
During the 20th Century James Hardie was involved in the manufacture of asbestos related products, most notably the manufacture of “Fibro”, a fibrous asbestos cement material made into rigid flat and corrugated sheets used extensively in the house building industry.
The company set up a trust fund known as the Medical Research and Compensation Foundation to provide financial compensation for asbestos and mesothelioma victims who worked for the company. However, it emerged that the funds set aside to cover the compensation claims would not be enough, and the company’s attempts to distance itself from the detrimental effects of the asbestos controversy have seen worldwide condemnation.
At the time of writing, the Australian Securities and Investments Commission (ASIC) said there would be civil proceedings against 10 former company employees involving allegations that the directors made misleading statements and breached continuous disclosure rules in 2001 and 2002 over the adequacy of compensation, the company’s relocation to the Netherlands and the cancellation of shares.
The former directors faced fines of up to Aus$200,000 for each offence and potentially being prohibited from managing further companies. However, ASIC quickly dropped one of the civil claims against the company.
The president of the Asbestos Diseases Foundation of Australia, Barry Robson, called for an independent inquiry to review the decision. He said, "Otherwise it's just a case of the big end of town winning again. Our members are desperately disappointed."
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