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FORMER HEAD OF AUSTRALIA'S HIH MAY STAND TRIAL.
SYDNEY, Feb 1 Asia Pulse - Former HIH chairman Geoffrey Cohen will know by April whether he will stand trial on charges of misleading shareholders shortly before the insurer's collapse.
Cohen, 72, is charged with two counts of knowingly giving false or misleading information to shareholders at the HIH annual general meeting in December 2000.
HIH collapsed with debts of $A5.3 billion ($US4.11 billion) in March the following year.
Final submissions in Cohen's committal hearing, which began in September last year, were made today in Sydney's Downing Centre Local Court.
The Commonwealth Director of Public Prosecutions alleged Cohen told the meeting one of the benefits of a venture with insurer Allianz Australia for HIH was "$A200 million in cash payable in January 2001", and that "Allianz is paying $A200 million up front".
Prosecutor Richard Maidment, SC, said Cohen failed to disclose that the $A200 million payment was subject to restrictions, rendering it incapable of easing the ...
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Source: HighBeam Research, FORMER HEAD OF AUSTRALIA'S HIH MAY STAND TRIAL.