PARLIAMENTARY EARLY DAY MOTION
ASBESTOS VICTIMS AND CHESTER STREET INSURANCE HOLDINGS (2 April 2001)

That this House congratulates Clydebank Asbestos Group on its highly successful rally on 31st March for victims of asbestos-related diseases deprived of compensation by the actions of Chester Street Insurance Holdings; thanks the Australian trade unions in Melbourne for organising a rally for 2000 people in solidarity; condemns the directors of Chester Street for causing the bankruptcy of Chester Street; notes that the Chief Executive of Chester Street, Mr Robert Hardy, organised the sale of Iron Trades to the Australian company QBE for less than its assessed value; notes that he then became its Chief Executive in QBE; notes QBE's soaring profits; condemns him for taking more than ú1 million for this work from Chester Street and Iron Trades; criticises the Financial Services Authority for damaging the interests of the victims of asbestos-related disease by approving the sale of Iron Trades; calls on the Association of British Insurers to raise a levy on the industry to compensate those who have been damaged by Chester Street's actions; welcomes the statement by the Secretary of State for Scotland that the Government will face up to its responsibilities too and that its first priority has to be the sick and dying; calls on the insurance industry, employers and the Government to ensure that any asbestos disease sufferer will be fully compensated for the collapse of Chester Street; and calls on the Government to commission a full, independent inquiry into the conduct of Chester Street Insurance Holdings.

Sponsored by:
Tony Worthington (Labour)