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 SYDNEY, Australia (AP) - The former chief executive who oversaw the multibillion dollar collapse of Australia's HIH Insurance Ltd. was sentenced Friday to 4 1/2 years prison for his role in the country's largest-ever corporate failure.
Ray Williams pleaded guilty in December last year to three counts stemming from his management of HIH from 1998 to 2000, including failing to properly exercise his duties as a company director, publishing a misleading document and overstating operating profits by A$92.4 million.
He faced a maximum of five years in prison for each of the first two charges, and a two-year sentence for the third charge.
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