Former FAI Insurance MD Rodney Adler has lost a High Court appeal to overturn his 20-year directorship ban and fine of $450,000 over his involvement in the $5.3 billion collapse of former insurance giant HIH.

The decision marks an end to the civil proceedings brought by the Australian Securities and Investments Commission (ASIC) against several high profile HIH businessmen, including former company CEO Ray Williams, CFO Dominic Fodera and Mr Adler.

Mr Adler sought special leave to appeal aspects of last year’s NSW Court of Appeal decision, which found he breached the Corporations Act in 2000, transferring $10 million from an HIH subsidiary to Adler Corporation’s Pacific Eagle Equities. Adler Corporation was also fined $450,000.

Justice Santow found $4 million was used to buy HIH shares to prop up the company’s share price and $3.8 million spent on buying three investment holdings from Adler Corporation.

The High Court said Mr Adler’s application had “insufficient prosects of success”, and his application was refused. Court costs were also awarded to ASIC.

An ASIC spokesman said the regulator can’t comment on the case because Mr Adler is facing criminal charges relating to his involvement in the collapse.