One of the key figures implicated in the collapse of Australian insurer HIH has been charged in relation to the insurer's collapse.
Rodney Adler and three former FAI executives are the first to face prosecution in the wake of the Australian Royal Commission inquiry into the failure of HIH.
Australian market watchdog, the Australian Securities and Investments Commission, has charged Adler with stock market manipulation and making false statements about HIH shares.
It was the country's second largest general insurer when it collapsed in March 2001, leaving thousands of policyholders uncovered and A$5.3bn (£2.1bn) in debts.
A Royal Commission inquiry in January concluded that "self indulgence" and bad business decisions fuelled the collapse.
