Business Services Industry
Adler at hearing without lawyers.
Australasian Business Intelligence, March, 2003
Mar 13, 2003 (The Mercury - ABIX via COMTEX)
Former HIH Insurance director, Rodney Adler, has appeared before the liquidator's hearing for the Australian insurer. Adler told the hearing FAI Insurances had a large number of options before it was sold to HIH in 1998. As FAI's CEO and largest shareholder, Adler chose not to have FAI independently valued before the takeover, allegedly because he did not want to risk discovering its assets were worth less than the $A220m book value. Adler said he was unaware at the time Goldman Sachs Australia estimated FAI's assets were overvalued by $A143m. HIH collapsed two years after acquiring FAI without conducting a proper financial investigation.
Publication Date: 14 March 2003
HIH INSURANCE LIMITED:...
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