Friday 27 April 2007 LAWFUEL – The Australia Law Newswire – The former Chairman of HIH Insurance Ltd (HIH), Mr Geoffrey Cohen, was today committed in the Downing Centre Local Court in Sydney to stand trial on criminal charges of giving misleading information in the Chairman’s Address to Shareholders at the HIH Annual General Meeting (AGM) on 15 December 2000. The charges arise from the Australian Securities and Investments Commission (ASIC) investigation into the affairs of HIH. ASIC alleges that at the AGM Mr Cohen made misleading statements about the joint venture between Allianz Australia Ltd (Allianz) and HIH. These statements related to the effect of the joint venture on HIH’s cash flow and the payment of $200 million by Allianz to HIH.
Mr Cohen had his bail conditions continued and will next appear in the NSW Supreme Court on 1 June 2007. The Commonwealth Director of Public Prosecutions is prosecuting this matter. For further information contact: Allen Turton Deputy Executive Director, Enforcement Telephone: 02 9911 2338 Mobile: 0411 549 236 Michael van Maanen ASIC Media Unit Telephone: 02 9911 2658 Mobile: 0412 500 351