Lawyers for HIH Insurance founder and CEO Ray Williams say he will appeal the four and a half year jail sentence handed down for his role in the company’s 2001 collapse.

The sentence, which has a non-parole period of two years and nine months, is the result of three criminal charges against him, which together carried a maximum jail term of 12 years.

Mr Williams’ lawyer Robert Heathcote says an appeal will be lodged immediately on the grounds that the sentence is “manifestly excessive”.

Last December Mr Williams pleaded guilty to making misleading statements about HIH’s finances, being reckless and failing in his duties as a director and authorising a misleading document to raise money for the company.

His sentencing came a day after former FAI MD and HIH director Rodney Adler was jailed for four years and six months, with a non-parole period of two and a half years.

Former HIH Australia MD Terry Cassidy, who has pleaded guilty to three charges, is appearing in court today for a pre-sentencing hearing.

The Adler and Williams sentences come almost exactly two years after the HIH Royal Commission report was finalised, recommending further investigations into the behaviour of 18 people associated with HIH.

The severity or otherwise of the sentences was a matter of intense debate in Sydney last week. Mr Adler and Mr Williams avoided other criminal charges by pleading guilty to a relatively small number, saving the cost and time of expensive court cases.