The big men continue to fall as ASIC’s investigation into the collapse
of HIH continues. Terry Cassidy, the former Managing Director HIH
Insurance, has pleaded guilty to three criminal charges in the NSW
Supreme Court today.

Cassidy’s guilty pleas follows the pattern
set by his former HIH colleagues Ray Williams, Rodney Adler and Bill
Howard, who have all pleaded guilty – Adler to four serious criminal
charges, in return for another three charges relating to the collapse
of HIH Insurance being dropped.

Cassidy’s charges relate to
making a false or misleading statement to APRA, and his failure to act
properly as a director of HIH Investment Holdings and FAI Insurances by
signing back-dated documents concerning share applications for the
companies (see more details here). Cassidy will return to court on 18 April to be sentenced.

Peter Fray

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