Disgraced former HIH director Rodney Adler will walk free from a Hunter Valley jail on Saturday after serving the non-parole period of a four-and-a-half year sentence.

The NSW Supreme Court imposed the prison term in April 2005 after Mr Adler pleaded guilty to four charges relating to falsely obtaining $2 million from HIH for another company and disseminating false information likely to lead to investors buying HIH shares.

Prison authorities have transferred Mr Adler on at least two occasions during his two-and-a-half years in jail for trying to conduct business from his cell.

In 2002 the Australian Securities and Investments Commission (ASIC) disqualified him from acting as a director of any company for 20 years. However, speculation has appeared in Sydney media that he will attempt to resurrect his business career.

Former HIH CEO Ray Williams is due for release in January when his non-parole period of two years and nine months expires.

ASIC still has criminal prosecutions pending against three executives as a result of its investigation into HIH, which collapsed in 2001 with debts of $5.3 billion - former HIH Chairman Geoffrey Cohen and FAI executives Ashraf Kamha and Daniel Wilkie are due to stand trial next year.