Ends silence after statute of limitation prevents prosecution
Former AIG boss Maurice "Hank" Greenberg no longer faces criminal charges over a sham transaction between AIG and General Re, part of Warren Buffett's Berkshire Hathaway, so will now testify, Reuters reports.
In a 2 March affidavit filed with the New York State Supreme Court in Manhattan, Greenberg said the statute of limitations to prosecute him over the 2000 transaction between AIG and Berkshire's General Re Corp unit expired on 21 February.
In October 2008, Greenberg invoked his constitutional right against self-incrimination about the transaction, as he was giving testimony in a civil fraud lawsuit originally filed in 2005 against him and former AIG Chief Financial Officer Howard Smith.
Five convictions
Federal prosecutors have already obtained five convictions and two guilty pleas of former General Re and AIG officials over the transaction, including onetime General Re chief executive Ronald Ferguson.
Greenberg said: "I am prepared to testify regarding the Gen Re transaction and to be heard on the issues concerning the Gen Re transaction. I, therefore, withdraw my earlier invocation of my Fifth Amendment rights.”
Websites
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
No comments yet