Brad Cooper, a major figure in the HIH drama, was arrested in Sydney this afternoon on charges of corruptly offering bribes and obtaining a financial advantage.

Mr Cooper was arrested shortly after former HIH executive Bill Howard pleaded guilty to two counts of criminal misconduct. Mr Howard appeared in the NSW Supreme Court after making admissions to the Australian Securities and Investments Commission (ASIC) in relation to payments made by HIH to Mr Cooper and associated companies between December 2000 and March 2001.

Mr Howard admitted dishonestly receiving from Mr Cooper approximately $124,000 in return for facilitating payments by HIH to or in favour of Mr Cooper or his associated companies.

He also admitted facilitating a payment of $737,500 to a company associated with Mr Cooper knowing that the payment obligation had already been discharged.

Justice Kirby remanded Mr Howard on bail until a date to be fixed.

ASIC Chairman David Knott said this afternoon that Mr Cooper will be charged with six counts under section 49B of the NSW Crimes Act, as well as four counts of publishing a false or misleading statement with intent to obtain a financial advantage.

Mr Knott described the conviction of Mr Howard as a “major breakthrough” in ASIC’s HIH investigation.