The £2bn collapse of Australian insurer HIH may have involved "hundreds" of illegal acts, according to a government inquiry.
Lawyers for an Australian Royal Commission has announced that false accounts inflated profits and understated liabilities.
So-called "self indulgence" and bad business decisions caused the AU$5.3bn (£2bn) collapse, it said.
The Commission has now proposed prosecuting the company's executives.
HIH was Australia's second largest general insurer when it collapsed in March 2001, leaving thousands of policyholders uncovered.
