Hank Greenberg claims he has been excluded from bidding process.

Former AIG chief executive, Hank Greenberg, has hit out at the insurer for denying him the opportunity to bid for any businesses that may be put up for sale.

Greenberg left the company following an accounting scandal in 2005, but remains its largest shareholder with a 10% stake.

The Times reports Greenberg sent a letter to newly appointed AIG chief executive Edward Liddy accusing the group of failing in its duty to achieve the "best possible price" for investors by blocking him from any bidding process.

Greenberg said: "I now understand that the company has begun to liquidate itself by selling assets in privately negotiated transactions without transparency and without providing the opportunity for the participation of alternative purchasers that would be required to obtain the best possible price for shareholders."

AIG has not identified which businesses it plans to sell, but is expected to do so tomorrow when updating investors on the company's plans.