When mega insurance group HIH sank in March 2001, posting losses of $5.3 billion, it was Australia's biggest ever corporate collapse. Overnight, professional indemnity and public liability insurances were priced out of reach. Businesses came to a standstill. Doctors, childcare centres, and sports clubs closed their doors. Thousands of ordinary people found that their policies and unpaid claims were worthless. Yet the warning signals had been flashing for many months.
Mark Westfield has exposed perhaps the most shocking example of corporate greed and culpable negligence ever encountered in Australia. This is the story of a company that deliberately misled the market - even as it staggered towards collapse. It's a story of backstabbing, obscene directors' fees, and secret deals between mates, and of the characters, the bit players, and the innocent victims in the scandal.
©2003 Mark Westfield (P)2003 Bolinda Publishing Pty Ltd
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