Insurance director jailed for role in company's collapse

A former director of HIH insurance was sentenced today to four-and-a-half years in prison for his role in Australia’s largest-ever corporate collapse.

HIH Insurance was Australia’s second largest insurer when it folded in March 2001 with debts of €3.2bn, leaving thousands of policy holders with unpaid claims and sparking the collapse of several home-building companies insured by HIH.