Charges against former HIH Chairman dropped
The Commonwealth Director of Public Prosecutions has dropped a charge against former HIH Insurance Chairman Geoffrey Cohen, ending proceedings led by ASIC against him.
ASIC alleged that Mr Cohen did not take reasonable steps to ensure information provided to shareholders at the HIH AGM in December 2000 was not misleading.
The information concerned statements relating to a joint venture between Allianz Australia and HIH. The documents outlined the effect of the joint venture on the cash flow of HIH and a $200 million payment made by Allianz to HIH.
Following the withdrawal of the prosecution, ASIC said in a statement that the decision of the Commonwealth Director of Public Prosecutions to withdraw the charge “follows careful consideration of the evidence currently available”.
The regulator says it will take no further action against Mr Cohen.
ASIC alleged that Mr Cohen did not take reasonable steps to ensure information provided to shareholders at the HIH AGM in December 2000 was not misleading.
The information concerned statements relating to a joint venture between Allianz Australia and HIH. The documents outlined the effect of the joint venture on the cash flow of HIH and a $200 million payment made by Allianz to HIH.
Following the withdrawal of the prosecution, ASIC said in a statement that the decision of the Commonwealth Director of Public Prosecutions to withdraw the charge “follows careful consideration of the evidence currently available”.
The regulator says it will take no further action against Mr Cohen.