»  Hardie's Henchmen face penalties update: Seven of the ten James Hardie directors are appealing the penalties handed down by Justice Gzell in the NSW Supreme Court. On behalf of our members, AISS condemn the action. We applaud ASIC's cross appeal.

After finding seven directors and three senior executives guilty of providing a misleading press release as to the position of the asbestos compensation fund, Justice Gzell ruled on the penalties faced by the Hardie Henchmen on 20 August 2009.

Former chief executive Peter MacDonald was fined $350,000 and banned from managing a corporation for 15 years. Former chairperson of James Hardie Industries, Meredith Hellicar, was fined $30,000 and disqualified for five years. Similar fines and bans were imposed on the other directors and executives of the organisation. James Hardie NV itself was fined $80,000. 

ASIC had asked the court for much tougher financial penalties, however Justice Gzell instead ruled that a smaller fine would be payable. It should be noted that Peter MacDonald received a payout of almost $9million upon resigning from James Hardie in 2004, this was part of his "contractual entitlements". The fine of $350,000 - although considered harsh in comparison to other penalties for corporation breaches - is just a drop in the ocean compared with the money MacDonald made from the sorrow of the Australian people.

»  Asbestos under our carpet: The ABC's 7:30 Report ran an item on 24/08/09 relating to the use of sacks to transport asbestos by James Hardie. These sacks were then later recycled to create carpet underlay. There is no way to thoroughly remove asbestos fibres, therefore home renovators are putting themselves at risk of asbestos exposure simply by pulling up old carpet. The vodcast can be viewed here or read the transcript.
 
»  "Killer Company: James Hardie exposed" Matt Peacock: The cloak of secrecy is ripped from one of the greatest corporate scandals in Australia's history. For more than 20 years, Hardie chairman John Reid oversaw a strategy that ignored the dangers of asbestos, concealing Australia’s largest peacetime disaster. Reid’s eventual successor, Meredith Hellicar, defended Hardie’s move offshore until public campaigning by asbestos disease sufferers like Bernie Banton forced the company to adequately provide for its victims. ABC journalist Matt Peacock's painstaking research, involving newly discovered documents and interview with over a hundred former Hardie employees and other key figures, reveals in stark detail how the company subverted the institutions designed to protect ordinary citizens, and how a dedicated group of unionists, lawyers and activists finally exposed Hardie's subterfuge. The book can be purchased here.

»»  Important information advice links for residents affected by the Victorian Bushfires...