Australian insurer HIH Insurance breached the law hundreds of times, an Australian court investigation heard yesterday.

The so-called "Australian Enron" is the subject of a major inquest by a government-appointed royal commission after it collapsed and lost around A$5.3bn (£3.1bn).

In addition to the losses suffered by shareholders and creditors, the HIH collapse left one million policyholders without insurance.

The commission's investigators said yesterday that HIH appeared to have misreported liabilities to cover up poor decisions.

Among the questionable policies reportedly underwritten by HIH, was one indemnifying Taiwan's military against personal injuries.

They recommended that the commission advise the government to pursue criminal or civil charges against several figures in the case, including HIH's former chief executive, Ray Williams.

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