The Medical Research and Compensation Foundation (MRCF) has shelved its liquidation plans, securing the future of compensation for asbestos victims.

The MRCF told the NSW Supreme Court yesterday it will have enough money to remain solvent until June and by then a pre-Christmas deal struck between James Hardie, the NSW Government and unions will come into effect with James Hardie providing an extra $1.5 billion.

But the James Hardie board, its bankers, investors and the NSW Government must approve the deal before the money is provided. The parties will return to court on July 1.

Meanwhile, pressure is mounting for James Hardie to extend compensation to asbestos victims in Asia and the Pacific.

The company admits it was a joint investor in companies that manufactured products containing asbestos in Malaysia from 1966 and Indonesia from 1969.

James Hardie said in a statement it divested its investments in Indonesia and Malaysia by 1985 and has not had a corporate or operational presence involving asbestos in the region since.

The company says the Indonesian and Malaysian Governments continue to allow the manufacture and distribution of products containing asbestos and all liability or obligation remains with the companies producing and distributing those materials today.

“James Hardie has not received any notification of a claim for asbestos disease-related compensation in respect of Indonesia or Malaysia either prior to or since the sale of its operations in either country. If any claim was received it would be considered on its merits,” the statement said.

It dismissed the idea of separately compensating New Zealand victims as it contributes financially to the Accident Compensation Commission (ACC), which manages compensation claims for asbestos victims.