Business Services Industry
APRA query for Buffett.(Australian Prudential Regulation Authority)(Brief Article)
Australasian Business Intelligence, March, 2005
Mar 16, 2005 (Herald Sun - ABIX via COMTEX)
The ripples from the failure of HIH Insurance in Australia are still spreading. US-based Berkshire Hathaway has confirmed that it is indirectly involved in the saga. HIH Insurance collapsed in March 2001 owing up to $A5.3 billion. Berkshire has announced that its General Reinsurance Australia subsidiary has been asked by the Australian Prudential Regulation Authority (APRA) to "show cause" why it should not be investigated. APRA has accused General Re Australia of taking part in a reinsurance deal which APRA claims contributed to the failure of HIH. On 18 March 2005, the former CEO of HIH, Ray Williams, will face sentencing after pleading guilty to criminal charges.
Publication Date: 17 March 2005...
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