Former HIH Director Rodney Adler is due to return to court today to face three charges of manipulating the share market and two of making false or misleading statements.

The hearing began yesterday but was adjourned after 45 minutes when the court discussed preliminary matters which we’re not allowed to report.

Mr Adler, once one of Australia’s highest profile businessmen, allegedly bought 3.25 million HIH shares in 2000 – less than a year before the company’s $5.3 billion collapse – through Pacific Eagle Equities in a last-minute bid to boost the insurer’s market value. He later claimed he bought the shares for himself.

Mr Adler has already tried to stop the trial by claiming double jeopardy, as he has already been punished in a civil court by being barred from being a company director, being ordered to pay more than $7 million in compensation and being fined $900,000.

The charges of making false and misleading statements relate to a conversation Mr Adler allegedly had with Australian Financial Review journalist Morgan Mellish. During the conversation he is alleged to have said HIH shares were undervalued.

Mr Adler has enlisted high-profile senior counsel Elizabeth Fullerton. During the trial – which may last eight weeks – former HIH CEO Ray Williams is expected to give evidence against Mr Adler. Mr Williams himself is yet to be sentenced but faces up to 12 years behind bars.

If found guilty Mr Adler faces five years in jail.