Ray Williams’ appearance before the HIH Royal Commission has been eagerly awaited. So when the HIH co-founder and CEO placed the blame for the collapse of the company on the acquisition of FAI, he could hardly have been surprised at the amount of alternative opinions that were immediately aired. There are plenty of old industry colleagues who agree that FAI didn’t help, but few believe that was the sole cause.

One who has been less than complimentary about Mr Williams’ evidence to date is industry veteran Ted Hogg, who puts a fair amount of the blame on Mr Williams himself.

In an interview on the ABC’s 7.30 Report and later in comments to Sunrise Exchange News, Mr Hogg said Mr Williams had a following among his management that was “unhealthy. He had this evangelistic approach as a human being and he had these followers,” Mr Hogg said. 

And while Mr Williams may now label FAI “the pollutant” that cost HIH dearly, Mr Hogg recalled a conversation when Mr Williams expressed pleasure with the way the deal had worked out.

Mr Hogg said Mr Williams shrugged off the fact that many people thought the FAI takeover was a bad move. He had seemed so confident in fact that he told Mr Hogg: “But you know, Ted, I’ve got ‘it’.” 

Mr Williams is continuing his evidence this week.