The NSW Parliament has passed legislation making it easier for the Australian Securities and Investments Commission (ASIC) to investigate James Hardie. The Special Commission of Inquiry (James Hardie Records) Bill 2004 allows full access to documents from last month’s David Jackson inquiry, bringing potential prosecution of company executives forward by six to 12 months.

The new law allows ASIC to use documents as though they have been obtained under its own legislation, ensuring that NSW confidentiality and professional privilege laws do not restrict investigations.

It also allows other parties, including the victims’ compensation foundation, to use the records in litigation against James Hardie regardless of confidentiality or professional privilege.

James Hardie CEO Peter Macdonald has resigned, but he’s hardly penniless, walking away with an $8.8 million severance package and a consultancy deal with the company. CFO Peter Shafron has left the company with a $1.2 million payout.

Meanwhile, directors of the Medical Research and Compensation Foundation – set up by James Hardie to pay asbestos claims – have resolved to call in a liquidator in the next few weeks. They expect the foundation to be insolvent by April. It is expected to completely run out of money in three years, leaving 8000 asbestos victims without the $1.5 billion they are owed in compensation.