HIH Commission: Criminal, Civil Action Warranted

The HIH Royal Commission in Australia that was assembled to investigate the collapse of one of the world's largest insurance companies two years ago has finally issued its report recommending criminal action against executives, as well as civil remedies. HIH Insurance Group collapsed in March 2001. The Royal Commission was established at the Government's instigation and operated from September 2001 until the Report was delivered to the Governor-General on April 4, 2003. The Commissioner, Mr Justice Owen, concludes that the primary reason for the collapse of HIH was the failure to provide pro...