HIH deputy chairman beats APRA ban
Former HIH Deputy Chairman Charles Abbott has won an appeal against an APRA ban preventing him acting as a director or senior executive of an insurance company.
The Administrative Appeals Tribunal last week reversed the ban after rejecting APRA’s claim that Mr Abbott was involved in authorising a transaction material to his fitness to act in a senior industry role.
The tribunal also rejected an APRA claim that Mr Abbott encouraged a payment to a creditor in which he had a material personal interest. Mr Abbott received a cash payment for consultancy fees of $181,000 from HIH the day before it collapsed in March 2001.
The tribunal said the action was improper but not unlawful or an abuse of his board position.
Mr Abbott was banned by APRA in February 2005. Criminal charges relating to the payment were dropped during 2005.
The Administrative Appeals Tribunal last week reversed the ban after rejecting APRA’s claim that Mr Abbott was involved in authorising a transaction material to his fitness to act in a senior industry role.
The tribunal also rejected an APRA claim that Mr Abbott encouraged a payment to a creditor in which he had a material personal interest. Mr Abbott received a cash payment for consultancy fees of $181,000 from HIH the day before it collapsed in March 2001.
The tribunal said the action was improper but not unlawful or an abuse of his board position.
Mr Abbott was banned by APRA in February 2005. Criminal charges relating to the payment were dropped during 2005.