Former FAI MD and HIH director Rodney Adler has had his appeal to a NSW Supreme Court decision thrown out by the state’s Court of Appeal. He wants to be granted a permanent stay of criminal proceeding bought by the Australian Securities and Investments Commission (ASIC).

Mr Adler was originally committed to stand trial in the Supreme Court on charges of stock market manipulation and providing false or misleading statements in relation to securities. He argued he has already been punished enough through civil proceedings bought against him, and that it is an abuse of process to conduct more proceedings.

But the appeal judges said the  criminal charges are different from the civil offences. Mr Adler is due to appear in the NSW Supreme Court for trial on February 7.

Meanwhile, a commital hearing has begun in a lower court on 13 charges levelled against former Adler associate Brad Cooper. The charges relate to $124,000 allegedly paid to HIH Finance Manager Bill Howard, who will be the prosecution’s only witness against Mr Cooper.

The prosecution alleges Mr Howard, who pleaded guilty last year to receiving bribes from Mr Cooper, helped Mr Cooper collect million-dollar claims from HIH.