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15 July, 2005
Just as Australian unions, asbestos victims and renegade building materials firm James Hardie were getting close last week to resolving an A$2 billion shortfall in an asbestos liability fund, the company’s CEO and CFO resigned, taking a combined A$10 million severance package. Peter Macdonald and Peter Shafron still face Australian criminal charges on misleading investors and other deceptive stock market practices by establishing and then underfunding an asbestos victims fund. Hardie had cut its own liability in constructing the fund.