If Hardies executives fined, money should go to victims
20 August 2009
Ahead of the Supreme Court decision in the ASIC civil prosecution of former James Hardie executives and directors this morning, Australia’s peak victim’s advocacy organisation, ADFA, has called for the Australian Government to commit any fines levied by the Court into the asbestos compensation fund for victims, into education about the safe handling of asbestos and into research to find a cure for mesothelioma.
The Asbestos Diseases Foundation of Australia (adfa) said today that if Justice Gzell fines former executives and non executive directors of the building products multinational, these fines would normally go into consolidated revenue but on this occasion the priority should be victims of the company’s asbestos products.
ADFA President Barry Robson said that under the Corporations Act, Justice Gzell can impose fines and/or ban individuals from being directors of a company. If the maximum fines are handed down all up it would total in excess of $2million.
“We say the fines should go to the victims- after all the fines would arise out of the company, executives and directors behavior in trying to move off shore without leaving adequate funds for victims. If there are substantial fines then the first priority should be a loan to the Fund that pays victims compensation.”
“Anything more should go to research to find a cure for mesothelioma or educating the public about the dangers of asbestos, which is still in most homes throughout Australia. This is especially important because Hardies have not put any significant money into research or education.”
“The prosecution may be over today but this is not over for Hardie’s victims. There is no certainty that future compensation awards will be met given the Fund is running out of money and Hardies have refused to top it up. Hardie is crying poor- citing the global financial crisis- yet at its Information to Shareholders Meeting in Sydney this week it talked up its profitability and consequently its share price increased by 21%.”
“We cannot forget the victims- they are still sick and dying. They deserve some sense of justice- there has still been no criminal prosecutions of Hardies’ directors both for their recent conduct or in making a product they knew could kill people without warning its workers or users of its products.”
This entry was posted on Thursday, December 17th, 2009 at 8:29 am.
