Another senior HIH officer has pleaded guilty to charges relating to the insurance company’s $5 billion collapse.

Former Company Secretary Frederick Lo last week admitted making three false or misleading statements in the lead-up to Australia’s biggest corporate failure. He also pleaded guilty to one count of failing in his duties as a company officer.

Prosecutors argued that Mr Lo knowingly misled the Australian Prudential Regulation Authority over the financial state of CIC Insurance, which was part of the HIH Group. They said he tried to cover up a $111 million black hole in CIC’s minimum solvency requirements.

He will be sentenced in January.