The former finance director of failed insurer HIH Insurance has been barred from holding a senior role in an insurance company by the Australian Prudential Regulation Authority (APRA).
Dominic Fodera, who held several senior positions within HIH, including chief operating officer from 1995 to March 2001, had, in "a number of instances, failed to disclose to HIH's board and auditors material information and advice," APRA said in a statement.
The statement added that "he did so, knowing that, if this information was appropriately assessed and accounted for, it would have resulted in a more accurate but far less favourable financial condition and solvency position for HIH."
HIH collapsed in 2001. Several former executives at the company have been disqualified by APRA, and some have been jailed for their parts in the company's failure.
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