HIH tax counsel wins APRA ban appeal
Former HIH Group Tax Counsel Paul Abela has won his appeal against an Australian Prudential Regulation Authority (APRA) ban preventing him from holding a senior insurance role.
The Administrative Appeals Tribunal (AAT) has set aside Mr Abela’s disqualification, meaning he is to be treated as if he was never disqualified.
The decision comes after former HIH Deputy Chairman Charles Abbott succeeded in having his ban overturned by the AAT in July.
Mr Abela was banned in March 2006 from being or acting as a director or senior manager of a general insurer for not following regulatory requirements in preparing HIH tax returns, which prevented authorities from realising insurers in the group hadn’t met solvency requirements.
Another 27 people remain disqualified by APRA because of their involvement in the collapse of HIH, while a further six are appealing before the AAT.
The Administrative Appeals Tribunal (AAT) has set aside Mr Abela’s disqualification, meaning he is to be treated as if he was never disqualified.
The decision comes after former HIH Deputy Chairman Charles Abbott succeeded in having his ban overturned by the AAT in July.
Mr Abela was banned in March 2006 from being or acting as a director or senior manager of a general insurer for not following regulatory requirements in preparing HIH tax returns, which prevented authorities from realising insurers in the group hadn’t met solvency requirements.
Another 27 people remain disqualified by APRA because of their involvement in the collapse of HIH, while a further six are appealing before the AAT.