AIG's former chairman and chief executive Maurice Greenberg has challenged moves by the insurer to restate its earnings.
A white paper written by Greenberg's lawyers revealed that: "Mr Greenberg disagrees with many of the accounting changes made and believes that many of the changes are damaging to the interests of AIG and its stockholders."
The paper also claims that several items restated as part of the company's 2004 10-K report are "exaggerated and unnecessary."
The document goes on to say that "the alacrity with which current management confessed error or 'corrected' the purportedly wrong judgment of prior management warrants critical review," as does the role played by AIG's long-time outside auditing firm, New York-based PricewaterhouseCoopers.
In the paper, Greenberg maintains that he followed proper accounting rules and "denies that he personally engaged in any fraudulent transaction."
