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the Commonwealth Director of Public Prosecutions (CDPP) has declined to proceed further with a charge that former chairman Geoffrey Cohen knowingly made misleading statements about the joint venture between Allianz Australia Ltd (Allianz) and HIH - however, the CDPP is proceeding with a second, related charge alleging that Mr Cohen did not take reasonable steps to ensure that the information he gave to the shareholders at the HIH AGM was not misleading - this charge has been remitted to the Downing Centre Local Court in Sydney - Mr Cohen had his bail conditions continued and will next appear in the Downing Centre Local Court on 26 February 2008
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08/02/2008
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Dominic Fodera, former Finance Director and Chief Financial Officer of HIH Insurance Ltd (HIH) was sentenced today in the NSW Supreme Court to three years and four months imprisonment on charges brought by the Australian Securities and Investments Commission (ASIC) - Mr Fodera is presently in custody having been sentenced on 7 June 2007 to three years imprisonment, following his conviction on other criminal charges laid by ASIC of authorising, on 26 October 1998, the issue of a prospectus by HIH Holdings (NZ) Ltd to raise up to $155 million of converting notes, that contained a material omission - Justice Bell directed that the sentence be partly concurrent with the sentence Mr Fodera is presently serving on the prospectus charge - Her Honour specified a single non-parole period of three years in respect of both the Hannover Re and the prospectus charge
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05/11/2007
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Dominic Fodera, the former Chief Financial Officer of HIH Insurance Limited (HIH), today pleaded guilty in the Supreme Court of New South Wales to a charge arising out of an Australian Securities and Investments Commission (ASIC) investigation into the affairs of the HIH group of companies - Mr Fodera pleaded guilty to knowingly or recklessly failing to act honestly in the discharge of the duties of his office, dishonestly and intending to gain an advantage for HIH, namely a beneficial accounting treatment - Justice Bell adjourned the matter until 22 October 2007 for a sentence hearing
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25/09/2007
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the action against auditors, Arthur Andersen, has been settled, the terms of settlement are confidential - settlement was also reached with actuary David Slee and HIH directors - creditors will receive about $80m as a result of the settlements, with most of it coming from Arthur Andersen - the case involving the takeover of FAI Insurances is still alive, the main hearings are not expected to begin until 2009
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11/07/2007
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Justice Einstein rules that the case against various parties (including Rodney Adler, Malcolm Turnbull, HIH officers and a reinsurer) should proceed - the case is a $530m damages claim arising from the takeover of FAI and the defendants wanted it struck out on the grounds it was "doomed to fail" - the case will go to trial later this year
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22/06/2007
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Sydney barrister Bob Stitt is banned from managing an insurance company because he failed to exercise sufficient care and diligence while a non-executive director of HIH Insurance
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13/06/2007
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Dominic Fodera, former Finance Director and Chief Financial Officer of HIH Insurance Limited, is sentenced to two years in prison after being found guilty of a material omission of information from a prospectus
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07/06/2007
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ASIC advises it has accepted an enforceable undertaking from Mr Jonathan Pye regarding his conduct as an auditor - Mr Pye (formerly a partner of Arthur Andersen) was the support engagement partner for the audit of HIH’s financial report for the financial year ending 30 June 2000
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15/05/2007
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the former Chairman 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 - 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
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27/04/2007
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Dominic Fodera, the former Finance Director and Chief Financial Officer of HIH Insurance Limited (HIH), was today found guilty in the Supreme Court of NSW on a criminal charge of authorising the issuing of a prospectus from which there was a material omission - Mr Fodera is due to be sentenced in the Supreme Court on 10 May 2007
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04/04/2007
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former Assistant Company Secretary of HIH Insurance Limited, Mr Robert Kelly, has been sentenced today in the New South Wales Supreme Court to 500 hours community service in relation to a criminal charge arising from his role in the HIH group of companies - he concurred in the making of a materially false or misleading statement to officers of Westpac Banking Corporation, that management of HIH was not able to produce consolidated accounts of the FAI Group for the financial period ended 30 June 1999 when in fact such accounts could have been produced
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03/11/2006
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former company secretary of HIH Insurance Limited (HIH), Mr Frederick Lo, has appeared in the Downing Centre Local Court in Sydney, New South Wales, on four charges arising from an Australian Securities and Investments Commission (ASIC) investigation
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06/09/2006
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Dominic Fodera, the former Chief Financial Officer of HIH Insurance Limited (HIH), today pleaded not guilty to a criminal charge of authorising the issue of a prospectus from which there was a material omission, in the Supreme Court of New South Wales - the trial will commence on 26 February 2007
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01/09/2006
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the liquidator makes a declaration that there will be no return to noteholders - noteholders can choose to make a capital loss in the year the declaration was issued (2006-2007) - noteholders can click on the declaration if they need it to substantiate their claim
Click here to view Declaration (you first need to get Adobe Reader – click on ICON at bottom of screen)
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11/08/2006
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Mr Dominic Fodera, the former Chief Financial Officer was committed in the Downing Centre Local Court in Sydney today to stand trial on six criminal charges following an investigation by the Australian Securities and Investments Commission
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09/08/2006
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Mr Robert Kelly, the former assistant company secretary of HIH Insurance Limited, indicates in court that he would plead guilty when arraigned next month to a charge arising from his role in the HIH group of companies - he will plead guilty to an offence under the Crimes Act NSW that on or about 26 May 2000, with the intention of obtaining a financial advantage for FAI Insurances Limited, he concurred in the making of a materially false or misleading statement to officers of Westpac Banking Corporation (that HIH management was not able to produce consolidated accounts of the FAI Group for the financial period ended 30 June 1999 when, in fact, such accounts could have been produced)
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04/07/2006
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Justice Bruce James of the NSW Supreme Court sentences Bradley Cooper to eight years jail - he will serve a minimum of five years’ before being eligible for parole on 30 October 2010 - Mr Cooper was convicted on six charges of corruptly giving a series of cash benefits to influence an agent of HIH Insurance Limited and on seven charges of publishing false or misleading statements with intent to obtain a financial advantage
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23/06/2006
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reports that HIH liquidator Tony McGrath has decided to take action against General Re in a $400m damages claim - the claim is to seek compensation with regard to HIH's ill-fated decision to spend $300m on taking over FAI - there are also other potential targets
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09/06/2006
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reports that HIH liquidator Tony McGrath has been granted a 3 month extension for serving a big damages claim against various defendants (including General Re) in relation to losses incurred by HIH when it traded while insolvent
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09/06/2006
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the 8 licensed insurance companies within the group are placed into Schemes of Arrangement in Australia (4 of these companies were also placed into Schemes of Arrangement in the UK on 13 June 2006)
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30/05/2006
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NSW Court of Appeal dismisses an appeal by Rodney Adler against the sentence imposed on 14 April 2005 in the Supreme Court of NSW of four years and six months with a non–parole period of two years and six months - Justice Sully agreed with the sentencing judge that the offences committed under the Corporations Act 2001 were ‘serious and display an appalling lack of commercial morality'
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18/05/2006
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ASIC lays criminal charges against Geoffrey Cohen, the former Chairman of HIH Insurance Limited (HIH) - ASIC alleges Mr Cohen gave misleading information in the Chairman’s Address to shareholders at the HIH Annual General Meeting on 15 December 2000 - it is alleged that at that meeting, Mr Cohen made misleading statements about the joint venture between Allianz Australia Limited (Allianz) and HIH - these statements related to the effect of the joint venture on HIH’s cashflow and the payment of $200 million by Allianz to HIH
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13/12/2005
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the English Provisional Liquidators receive a similar court order (see note of 22/11/2005 below) from the High Court in England - the meetings of creditors for the English Schemes will be held at the same time as the Australian Schemes
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25/11/2005
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Justice Gzell of the New South Wales Supreme
Court delivers judgment in Johnston v McGrath & Ors - the judge ruled that Mr Johnston failed to satisfy the court that false statements in an HIH media release and its financial statements were a materially contributing cause to his $10,200 purchase of 40,000 HIH shares on January 2, 2001 - His
Honour took the opportunity to express his disagreement with Justice Emmett's decision in Sons of Gwalia regarding
the postponement of transferee shareholders' claims - in Justice Gzell's view, the claims of
transferee shareholders against the company for damages in respect of misleading and
deceptive conduct are postponed under section 563A of the Corporations Act to the claims of
external creditors
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23/11/2005
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criminal charges are laid against Messrs Daniel Wilkie, Ashraf Kamha and Antony Boulden, former officers of FAI General Insurance Company Limited - the charges arise from the investigation by ASIC into the affairs of the HIH group of companies
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22/11/2005
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the liquidators receive a court order from the Supreme Court of New South Wales granting them permission to convene meetings of creditors to vote on the proposed Schemes of Arrangement - these meetings are to be held on the 29th of March 2006 - all creditors known to the liquidators will be notified by mail on the 10th of February 2006 or shortly thereafter
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22/11/2005
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Timothy Maxwell Mainprize and Daniel Wilkie are acquitted on two counts of failing to act honestly in the exercise of their powers and discharge of their duties as officers of FAI General and one count of providing false and misleading information - Stephen Burroughs has been acquitted on one count of failing to act honestly in the exercise of his powers and discharge of his duties as an officer of FAI General
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14/11/2005
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Dominic Fodera, the former Chief Financial Officer of HIH Insurance Limited (HIH), has appeared before the Downing Centre Local Court, New South Wales on a criminal charge of authorising the issue of a prospectus from which there was a material omission
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08/11/2005
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Brad Cooper has been found guilty in the Supreme Court of New South Wales today of 6 charges of corruptly giving a cash benefit to influence an agent of HIH Insurance Limited (HIH) under s249B of the Crimes Act - he was also found guilty of 7 charges of publishing false or misleading statements with intent to obtain a financial advantage under s178BB of the Crimes Act - Cooper was remanded in custody and will appear for sentencing on 2 December 2005
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31/10/2005
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Brad Cooper appears before the NSW Supreme Court today to answer 13 criminal charges - he faces six charges of corruptly giving a cash benefit to influence an agent of HIH (Bill Howard) and seven charges of publishing a false or misleading statement with intent to obtain financial advantage
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22/08/2005
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Class Action - reports that legal sources believe this action to be
"in deep trouble" - apparently successive statements of claim have left the door
open for defendants to make successful strikeout applications,
leaving former HIH director Ray Williams now standing as the
sole defendant (when the case was first launched, Dennis & Co listed 13 named defendants) - the court has found "substantial and pervasive" deficiencies in the case that would
"warrant the striking out of the entire Application and
Statement of Claim" - in addition the various cases being handled by Dennis & Co (HIH, One.Tel, Sons of Gwalia and ION Limited) have been the
subject of a complaint to the Legal Services Commissioner
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02/08/2005
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C J Honey of McGrathNicol+Partners replaces A R M Macintosh as joint Liquidator of the major Australian companies in the HIH Group
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01/07/2005
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Charles Abbott, former director, is exonerated on charges that he acted dishonestly by pressing for payment of his invoices on the eve of the company's collapse
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07/06/2005
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reports that the court is told of a last minute rush to clear cheques before the company collapsed on 15 March 2001 - HIH director, Charles Abbott (charged with using his position as a director dishonestly), accountants KPMG, lawyers Blake Dawson Waldron and also St George Bank were all scrambling to get paid before the company went into administration
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30/05/2005
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reports that the administrators are still chasing money paid by HIH just before it went under to those who reasonably could have expected HIH to be insolvent - accountants Ernst & Young are defending a demand to repay fees - E&Y was the firm that prepared advice on HIH's financial health four months before the collapse
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30/05/2005
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Terry Cassidy, former Managing Director, Australia of HIH Insurance Limited, has been sentenced to 15 months imprisonment, to be released on 28 February 2006 after serving 10 months, in relation to three criminal charges arising from his management of the HIH group of companies from 1998 to 2000
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29/04/2005
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Ray Williams, former CEO was today sentenced to four-and-a-half years' jail with a non-parole period of two years and nine months - Williams was convicted and sentenced on three criminal charges arising from his management of the HIH group of companies in the three-year period 1998 to 2000
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15/04/2005
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Rodney Adler sentenced to four-and-a-half years' jail, with a non-parole period of two-and-a-half years, on four charges arising from his conduct as a director of the HIH group of companies in 2000
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14/04/2005
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Terry Cassidy pleads guilty to two charges of recklessly making false statements and one charge of recklessly failing to discharge his duties as a director for a proper purpose - there will be a sentencing hearing commencing on 19 April 2005
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24/03/2005
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reports that former HIH chief executive Ray Williams last year struck a deal with prosecuting authorities that only three criminal charges would be laid against him if he agreed to plead guilty
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24/03/2005
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former director Rodney Adler pleads guilty to criminal charges including disseminating information that he knew was false and likely to induce people to purchase shares in HIH, dishonesty and failure to discharge his duties in good faith in the best interests of HIH
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16/02/2005
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former HIH boss Ray Williams today pleaded guilty to three criminal charges: failing to properly exercise his director's duties, misleading investors in an annual report by overstating the HIH profit by $92 million, and omitting an important piece of information about the company in an attempt to raise money from the public - he is to be sentenced on Friday 15 April 2005
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15/12/2004
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class action - the Federal Court throws out the class action’s second amended application and third amended statement of claim on the grounds it lacked sufficient particularity - the description of the group in the application and statement of claim was inadequate and the court found that sufficient particulars of conduct alleged had not been tendered – the Justice concluded that the “deficiencies are so substantial and pervasive as to warrant the striking out" of the claim – however he did not go so far as to strike out the proceeding entirely
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02/11/2004
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Brad Cooper was today committed in the Downing Centre Local Court in Sydney to stand trial on six charges of corruptly giving a cash benefit to influence an agent of HIH Insurance Limited (HIH) and seven charges of publishing a false or misleading statement with intent to obtain a financial advantage - the trial is set down to commence on 1 August 2005
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22/10/2004
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Timothy Maxwell Mainprize, Daniel Wilkie and Stephen Burroughs were today committed to stand trial in the Supreme Court of New South Wales on charges laid by the Australian Securities and Investments Commission - Mainprize and Wilkie will each stand trial on two counts of failing to act honestly in the exercise of their powers and discharge of their duties as officers of FAI General Insurance Company Limited and one count of providing false and misleading information - Burroughs will stand trial on one count of failing to act honestly in the exercise of his powers and discharge of his duties as an officer of FAI General - the trial of Mainprize and Wilkie is set down to commence on 5 September 2005
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19/07/2004
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Charles Abbott, former deputy Chairman has been charged with dishonestly misusing his position as a director of HIH to procure a payment to a company associated with him, immediately prior to the formal appointment of a Provisional Liquidator on 15 March 2001 - he is expected to face a committal hearing in May 2005
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20/04/2004
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class action - Dennis & Co confirm they are recasting the statement of claim and hope to have it filed with the Court in about a month
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13/04/2004
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class action - reports that the class action has survived an attempt by the 14 respondents to have it struck out - Justice Brian Tamberlin in the Federal Court acknowledged there were deficiencies in the pleadings and the claim will need to be extensively redrafted
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31/03/2004
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class action - seeking update since 10 mar 04
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26/03/2004
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reports that the liquidators of HIH are about to acquire about $300 million from a company involved in reinsurance deals with the collapsed group - the NSW Supreme Court ruled that Hannover Reinsurance repay to the HIH liquidators an amount in reinsurance contracts plus interest and investment accruals
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19/02/2004
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reports that the liquidators have won court approval for a deal which should help win back $120 million for creditors - The NSW Supreme Court approved a deal to force Allianz Australia Ltd to pay out the money in relation to a joint venture insurance project the two firms launched before the collapse of HIH in 2001
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30/01/2004
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William Howard former senior executive was today convicted on two counts of criminal misconduct and sentenced to a total term of three years imprisonment, fully suspended - Howard pleaded guilty to dishonestly receiving from Brad Cooper approximately $124,000 in return for facilitating payments by HIH to or in favour of Mr Cooper or his associated companies
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23/12/2003
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Brad Cooper has been arrested and charged with corruptly offering bribes and obtaining a financial advantage - he was charged with corruptly giving a cash benefit to William Howard, an officer of HIH and with publishing a false or misleading statement with intent to obtain a financial advantage - the charges relate to the affairs of HIH
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16/12/2003
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class action update - there have been several interlocutory applications relating to the definitions of the class and the causes of action on which primarily the auditors and reinsurers can be sued
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10/12/2003
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awaiting update on the class action from Dennis & Co
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02/12/2003
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class action update - the hearing scheduled for 24 October will give the "other side" the opportunity to persuade the court to strike out claims against them - Dennis & Co are confident of their position, particularly given the platform of the Royal Commission findings and will be seeking to establish a trial date, realistically expected to be late 2004
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25/09/2003
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reports that HIH liquidator aims to recover up to $1 billion from various parties associated with the company's collapse - the intention is to achieve a settlement if possible without having to go to court
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15/07/2003
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NSW Court of Appeal upholds the 20-year bans against former HIH Insurance director Rodney Adler and former chief executive officer, Ray Williams, from acting as a director of any company
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08/07/2003
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Rodney Adler appears in Court on charges of manipulating the HIH share price and that he made false and misleading statements about buying HIH shares using a shelf company Pacific Eagle Equities Pty Ltd
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07/07/2003
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The Australian Financial Review Magazine carries 'sympathetic' feature on Ray Williams
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27/06/2003
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we understand that in the class action only Hanover Re has made an interlocutory application thus far (see directions hearing on 30 May 2003)
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26/06/2003
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reports that Daniel Wilkie (former COO) and Tim Mainprize (former CFO) have been charged with providing false and misleading information and using their positions to the detriment of the company - they are to appear in court next week
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25/06/2003
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reports that the liquidator will ask the NSW Supreme Court to decide whether Brad Cooper is liable to repay a $1.38m loan from FAI NZ - hearing is set for July 3
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17/06/2003
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at a class action hearing today the Federal Court directed that any interlocutory applications be filed by 13 June 2003 - the hearing of these applications will take place on 23 and 24 October 2003
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30/05/2003
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Dennis & Co write to shareholders asking for certain details to enable them to join the HIH class action
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20/05/2003
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at a brief directions hearing today, Dennis & Co are given four weeks to file an amended statement of claim on behalf of the 1200 shareholders who have thus far signed up to participate in the class action - the matter is set down for a further hearing on May 30
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17/04/2003
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Royal Commission report blames collapse on mismanagement, epitomised by a lack of attention to detail, a lack of accountability for performance, and a lack of integrity in the company's internal processes and systems - combined, these features led to a series of business decisions that were poorly conceived and even more poorly executed
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16/04/2003
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some shareholders have asked about the cost they were deemed to have paid for shares in HIH when they opted to accept the full scrip offer by HIH for their shares in FAI Insurances Limited - we understand shareholder acceptances became legally binding contracts on 17 December 1998 and the closing price on that day was $2.18 per share - it may however be the case, that if the shareholder submitted their acceptance at a later date, the market value of an HIH share on that day should apply - shareholders should seek their own independent advice on this issue
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24/02/2003
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liquidator Tony McGrath is to begin examinations of FAI directors and senior executives from 3 March 2003
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14/02/2003
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predictable declarations of innocence from most of the parties fingered by HIH Royal Commission lawyers
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16/01/2003
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APRA executive says HIH did not fail because of APRA's shortcomings but because a great many of its managers and board members and others associated with it were incompetent and dishonest and conducted a deliberate campaign of deception over several years
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15/01/2003
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CEO Ray Williams and former director Rodney Adler face possible criminal charges after HIH royal commission lawyers began detailing more than 1,000 possible breaches of the law - they said Williams and Adler and others should be referred to prosecuting authorities over possible breaches of the Corporations Law
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13/01/2003
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ASIC chairman David Knott indicates that charges against Rodney Adler could be the first of many others to emerge from the collapse of the company
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08/12/2002
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Rodney Adler today appeared in Court charged with three counts of stock market manipulation and two counts of false or misleading statements in relation to the purchase, in the name of Pacific Eagle Equities P/L of HIH shares in June 2000 - the matter will next come before the Court on 18 February 2003
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03/12/2002
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on the last day of the Royal Commission enquiry an independent actuarial expert testifies that a flawed approach and errors of judgement had marred actuarial work done for HIH in its final two years
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28/11/2002
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final day of hearings - report on the Royal Commission enquiry is to be given to the Government by end of February 2003
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28/11/2002
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liquidator has filed a statement of claim against the Government and APRA alleging negligence and seeking damages
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14/11/2002
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liquidator is seeking unspecified damages from the partners of the now defunct audit firm Arthur Andersen and from HIH's actuary, David Slee
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14/11/2002
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at a Directions Hearing in the class action on 17 September the Judge directed the parties to await the findings of the Royal Commission and the next Directions Hearing is set for 7 March 2003
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20/09/2002
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George Sturesteps admits to serious oversight in not having full due diligence done on Heathcal when HIH bought it back in 1996
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19/09/2002
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next Directions Hearing in class action scheduled (to note objections and possibly consider timetable)
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17/09/2002
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chairman Geoffrey Cohen says it was "going a little far" to say that Ray Williams acted as if HIH was his company to be managed as he chose - Mr Cohen also blames FAI acquisition and selldown by Winterthur in August 1998 as the main factors in company's collapse
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12/09/2002
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CEO Ray Williams described by fellow director Justin Gardener at the Royal Commission as arrogant, high-handed, ignorant and past his use-by date
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05/09/2002
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HIH director reveals that APRA rejected Rodney Adler as a successor to CEO Ray Williams saying he was not an acceptable candidate
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05/09/2002
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Royal Commission hears that despite warnings from various actuaries, HIH management persisted in materially under-reserving for claims
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27/08/2002
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revelations at Royal Commission Inquiry of financial profligacy in the years leading up to the collapse
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07/08/2002
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Directions Hearing in class action (to ensure parties communicating with each other)
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03/06/2002
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Final penalty orders made relating to breaches by Messrs Adler, Williams and Fodera
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30/05/2002
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Royal Commission seeks submissions on minimising future failures of insurance companies
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21/05/2002
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FAI described as HIH's Trojan Horse at Royal Commission inquiry
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29/04/2002
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Royal Commission's deadline for report extended from 30 June 2002 to 28 February 2003
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26/04/2002
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Dennis & Company files suit for $1 billion class action
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17/04/2002
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liquidator obtains court orders forcing Andersen to produce documents
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16/04/2002
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liquidator estimates deficiency at $3.6 to $5.3 billion
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03/04/2002
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liquidator unable to provide estimate of likely payments to creditors and estimates timing at 7-10 years
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03/04/2002
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liquidator indicates possible actions against several major international financial intermediaries
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03/04/2002
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creditors meeting decides on appointment of committees of inspection
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03/04/2002
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three directors (Adler, Williams, Fodera) convicted of contravening the Corporations Act
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14/03/2002
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ATO issues Tax Determination 2002/3 essentially confirming capital loss can be realised
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23/01/2002
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Royal Commission hearings begin
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03/12/2001
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protocol on cooperation and exchange of info between ASIC and Royal Commission announced
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06/11/2001
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the liquidator makes a declaration that there will be no return to shareholders - shareholders can choose to make a capital loss in the year the declaration was issued (2001-2002) - shareholders can click on the declaration if they need it to substantiate their claim
Click here to view Declaration (you first need to get Adobe Reader – click on ICON at bottom of screen)
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10/10/2001
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APRA Inspector reports to APRA
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21/09/2001
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Letters Patent appointing the Royal Commission are signed
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29/08/2001
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placed in liquidation under the Corporations Act
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27/08/2001
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Dennis & Company writes to noteholders advising of class action
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09/07/2001
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delisted at entity's request
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04/07/2001
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support scheme floated for individuals and small businesses affected by the collapse
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01/06/2001
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JB Were invites clients to tender shares in HIH for sale to Capital Markets
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29/05/2001
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Dennis & Company writes to shareholders advising of class action
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30/03/2001
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at a company board meeting directors approve a $1.6m "reward" for finance director Dominic Fodera
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15/03/2001
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appointment of provisional liquidators
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15/03/2001
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announces it has agreed to sell its workers compensation portfolio to NRMA
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14/03/2001
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Andersen partner John Buttle informs chairman Geoff Cohen that he thinks company is insolvent - Buttle later admits this was "pretty much" the first time the chairman had ever agreed with the auditors
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13/03/2001
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announces appointment of KPMG to assist
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09/03/2001
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announces joint venture with QBE with respect to corporate insurance
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06/03/2001
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ASX trading suspension at the request of company
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01/03/2001
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APRA issue notice to company to show cause why an Inspector should not be appointed
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01/03/2001
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ASX trading halt at the request of the company
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27/02/2001
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credit rating is downgraded to BBB- by Standard & Poors
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27/02/2001
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ASX trading resumes
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26/02/2001
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Rodney Adler resigns as director
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26/02/2001
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Annual General Meeting
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15/12/2000
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Announcement of Randolph Wein as new CEO
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15/12/2000
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Ray Williams resigns as director
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15/12/2000
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Ray Williams resigns as CEO
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12/10/2000
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Dominic Fodera resigns as director
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12/10/2000
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Michael Payne and George Sturesteps resign as directors
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12/09/2000
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$405m of HIH's assets consist of FAI goodwill, future income-tax benefits and other intangibles
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30/06/2000
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Alexander Gorrie resigns as a director
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19/11/1999
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Neville Head resigns as a director
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05/08/1999
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Rodney Adler appointed to the board
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16/04/1999
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some shareholders have asked about the cost they were deemed to have paid for shares in HIH when they opted to accept the full scrip offer by HIH for their shares in FAI Insurances Limited - we understand shareholder acceptances became legally binding contracts on 17 December 1998 and the closing price on that day was $2.18 per share - it may however be the case, that if the shareholder submitted their acceptance at a later date, the market value of an HIH share on that day should apply - shareholders should seek their own independent advice on this issue
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17/12/1998
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HIH announces that it has increased its stake in takeover target FAI Insurances Ltd to 41% - HIH's offer for FAI is either one HIH for three FAI shares, or one HIH plus $2.25 cash for six FAI shares
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15/12/1998
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name changed from HIH Winterthur International Holdings Limited
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03/11/1998
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individual shareholders selling FAI shares today receive between 45c and 65c a share
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23/09/1998
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Rodney Adler receives 75c a share for 45 million shares in FAI
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23/09/1998
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Rodney Adler advises FAI non-exec directors of appointment of Goldman Sachs
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14/09/1998
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Goldman Sachs estimate 'true' net assets of FAI to be $20m compared with book value of $200m
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07/09/1998
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