Subsidiaries of Berkshire Hathaway could face deception charges, the liquidator of Australian insurer HIH said today.
General Reinsurance Australia and Kolnische Ruckversicherungs-Gessellschaft, subsidiaries of Berkshire Hathaway, are accused of deceptive conduct contributing to HIH's insolvency.
The Australian insurer crumbled with losses of $5.3bn (£2.8bn) in 2001.
Representatives from Berkshire Hathaway, US billionaire Warren Buffet's investment company, said they could not estimate potential losses as it was unknown whether the liquidator would pursue the claims.
