PricewaterhouseCoopers said shares must be kept separate
In his fourth day of court testimony, Former AIGN boss Maurice ”Hank” Greenberg said the firm’s auditors PricewaterhouseCoopers said that Starr International (Sico), should remain separate for financial reporting purposes because a charitable trust was the beneficiary of nearly 300 million AIG shares controlled by Sico, Dow Jones reports.
AIG claims the shares were set aside in a trust to fund a deferred-compensation plan for select AIG employees and executives.
Sico has claimed the shares were placed aside for a number of purposes and ceased to provide the bonuses for AIG staff after Greenberg was kicked out of AIG.
"Sico's raison d'etre was to place a significant number of AIG shares beyond the control of AIG's majority shareholders for the explicit purposes of benefiting future generations of AIG shareholders and the charitable trust," the 2004 PWC report said.
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