Ray Williams, former chief executive of Australian insurer HIH, was jailed for four and a half...
Ray Williams, former chief executive of Australian insurer HIH, was jailed for four and a half years today for his part in the company's collapse.
Williams had pleaded guilty to three counts of mismanagement of HIH including failing to properly exercise his duties as a company director, publishing a misleading document and overstating operating profits by Aus$92.4m (£37.7m)
The HIH failure was Australia's biggest ever corporate collapse.
Robert Heathcote, Williams' lawyer, said: “Mr Williams is bitterly disappointed in the sentence that was handed down this morning,”
