The Australian Prudential Regulation Authority (APRA) has banned...
The Australian Prudential Regulation Authority (APRA) has banned Gregory Brown from being a director or a senior manager of a general insurer.
The Sydney-based authority found Brown had given a misleading picture of the company's financial position during his tenure as group general manager corporate at HIH Insurance from 1999 to 2000.
It has been alleged that Brown had inflated and manipulated divisional results to boost the company's financial position and failed to provide data to HIH's actuary, which may have affected actuarial valuations.
The authority has already banned several former directors as a result of their roles in the HIH collapse.