HIH won’t be bowing to media pressure for a quick statement on its financial position, or its results for 2000.

That much became clear yesterday when the HIH board met and confirmed that it will stick to its plan to announce the results on March 16.

The board meeting yesterday also saw the resignation of former FAI chief executive Rodney Adler, who said he believes “the time has now come to move on”.

HIH spokesman John Clarke said the board is still awaiting final advice from its actuaries, accountants and other advisers on its 2000 returns. “Until this information is placed before the board, the company will not be in a position to reveal the full impact of its 2000 losses.

“In that light, any speculation that the amount of the interim loss has already been determined is incorrect and any estimates… are thus pure speculation.”

So for now it’s business as usual, with new CEO Randolph Wein and his executive management team “contemporaneously dealing with the operating performance of the company, preparation of the interim result and a complex process of business and financial restructuring”. But Mr Clarke said the board is also conscious of the need to inform shareholders as early as possible.

Referring to an article in The Australian claiming that Westpac – which is understood to hold $225 million in HIH loans and guarantees – has effectively taken control of the company’s finances, Mr Clarke said:

“HIH has been keeping its bankers closely informed of the changes and [it] has the full support of its bankers in addressing this process of business restructuring.”

The next couple of weeks until the results announcement is made on March 16 will be a tough time for the board, which will have to review an enormous amount of material.

Mr Clarke warned that the directors “may make decisions which… have a material impact on the interim loss. In this context, those wishing to make investment decisions on the company should be aware that the most comprehensive statement on the company’s financial position will not be available until all of the current work is finalised.”