Geoffrey Cohen, former chairman of collapsed insurer HIH, has been committed to stand trial on criminal charges of giving misleading information.
The offences relate to Cohen’s address to shareholders at the HIH annual general meeting on 15 December 2000. He was committed in the Downing Centre Local Court in Sydney.
The charges arise from the Australian Securities and Investments Commission (ASIC) investigation into the affairs of HIH.
ASIC alleges that at the AGM Mr Cohen made misleading statements about the joint venture between Allianz Australia and HIH.
These statements related to the effect of the joint venture on the failed insurer’s cash flow and the payment of $200 million by Allianz to HIH.
Cohen was released on until June 1, when he will appear at NSW Supreme Court. The Commonwealth Director of Public Prosecutions is prosecuting.
On 15 March 2001 HIH received approval from the NSW Supreme Court to place HIH into provisional liquidation. According to the HIH 2000 annual report, the company had gross premium revenue of $2.8 billion, total assets of $8 billion, total liabilities of $7.1 billion, with net assets of $900 million.
