Heads May Roll With Hih
Illawarra Mercury
Monday January 13, 2003
THE likely fate of key players in the $5.6 billion demise of HIH Insurance will be publicised today.
HIH royal commission lawyers last month handed the parties a written submission after digesting documents and more than a year of testimony.
The insurance giant collapsed in March 2001 - Australia's largest corporate failure.
Today, senior counsel Wayne Martin, QC, will begin summing up the recommendations to commissioner Justice Neville Owen.
Justice Owen had scheduled the summing up for December, but suppressed it until January 13 after HIH auditors Arthur Andersen, the national insurance regulator Australian Prudential Regulation Authority (APRA) and others sought the chance to respond immediately.
They said the recommendations may cause ``immense destruction" to reputations and employment prospects. Respondents will be given the chance to have their say.
``Some of the submissions contain proposed adverse findings that have serious implications for the career and reputation of individuals and entities concerned," Justice Owen said in December.
Allegations of illegal activity include insider trading, fraud, extortion and misleading the stock market.
Justice Owen is due to hand his written report to the Federal Government on February 28.
© 2003 Illawarra Mercury