Hih Man's Family Reunion In Courtroom
The Age
Wednesday January 24, 2007
FORMER HIH chief executive Ray Williams is getting out of jail early. It is just for a week, and he will have to return behind bars each night.
The venue for the family reunion of sorts is Sydney's Federal Court, where Williams, 70, his wife, son and accountant have been summonsed for a week-long examination of where Williams' millions have gone. The examination, which is being run by his bankruptcy trustee, is being financed by Williams' tax refund. Williams filed for bankruptcy in August 2005, four months after he was sentenced to four years' jail for his role in the $5.3 billion collapse of the insurance company he founded in 1968. Mark Robinson, the trustee from the chartered accounting firm PPB, has hired barrister Steven Golledge to question the four over the validity of sales and transfers of $11.5 million in property and shares offloaded by Williams since September 2000. HIH collapsed six months after the sale of personal assets began, leaving shareholders with nothing and policyholders without cover. Assets sold by Williams include his $5.6 million Mosman mansion, sold to HIH associate Brad Cooper two months after the collapse.Williams' wife, Rita, lives in the house, and Cooper is in Cooma jail. Other assets include a $5 million beachside holiday compound sold in September 2002 and an $846,000 share portfolio sold over two years. Williams claims he does not have the money to pay creditors including his former lawyers, Arnold Bloch Leibler, and the HIH and FAI liquidator, who is seeking $649 million from four legal actions. Williams lists his assets as a $471,000 superannuation policy, a $10,000 boat, two cars worth $6500, BHP Billiton shares worth $10,000 and $639 in ANZ shares.
© 2007 The Age
