James Hardie Industries SE will allure a Federal Court verdict that sustains a judgment that the building materials manufacturer be indebted back taxes of approx $US318 million.
According to James Hardie its subsidiary, RCI Pty Ltd, will plea to the Full Federal Court of Australia subsequent to the Federal Court Judge Margaret Stone sustained the Australian Tax Office's regulating that RCI be indebted the back taxes and interest.
This year is not going good for the building product group James Hardie Industry, as its revenue has fallen down to all time low on today.
The New South Wales and Federal Governments, after listening to heartfelt pleas from asbestos victims, are lending James Hardie more than $300 million to make sure asbestos victims receive compensation.
The joint federal and NSW government cash injection comes months after James Hardie advised in April that it was not in a position to meet its 2007 commitment to compensate to victims and would be unable to contribute to the original $1.8 billion Asbestos Injuries Compensation Fund this year.