Charges Against Chairman Cohen Withdrawn
On 21 November 2008 it was reported that a charge had been dropped against former HIH chairman Geoffrey Cohen a week before it was due to be heard in Sydney' Downing Centre Local Court. The decision by the Commonwealth Director of Public Prosecutions not to proceed followed a similar decision in February 2008 relating to a more serious charge. Both were laid in 2005. Both abandoned charges related to Mr Cohen's address to shareholders at the HIH annual general meeting in December 2000. In the second charge, the Australian Securities and Investments Commission alleged Mr Cohen did not take reasonable steps to ensure that the information he gave to the shareholders at annual meeting was not misleading about a joint venture between Allianz Australia Ltd (Allianz) and HIH. The first charge alleged Mr Cohen knowingly misled investors.
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