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December 15, 2004
Ex-CEO pleads guilty in HIH case
Ray Williams, former CEO of HIH Insurance and the man at the center of Australia's biggest corporate disaster, has pleaded guilty to three charges over his management of the HIH group.
HIH Insurance collapsed in May 2001, leaving thousands of policy holders without cover and forcing the Australian government to bail them out.
The cost of the collapse has been estimated at Aust. $5.3 billion (about $3.9 billion).
Posted by Tom Troceen