Re: AVO CT38 Multimeter
"Fibrous material" doesn't necessarily sound like asbestos. I've seen plenty of plenty of white padding in equipments, which looked closer to felt in the past. Its usually used to keep components in place - while of course, asbestos is only included if there is a strong heat source and something else needs shielding from it - very unlikely in a CT38!
If you haven't seen asbestos close up, then I can imagine the two might be readily confused.
Some photos of what you have got might help us identify what it is.
Richard
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