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- BIZ-TECH
HIH wins a US mention
Andersen's connection with the collapsed Australian insurer HIH has not gone unnoticed on Washington's Capitol Hill, ABC radio's AM reported yesterday.
As part of a litany of what he saw as Andersen's accounting disasters, independent Congress member Bernie Sanders made the following comments to Andersen chief executive Joseph Berardino:
"In Australia, Andersen has allegedly cooked the books of HIH Insurance by the tune of some $US470 million. This company is now undergoing the largest bankruptcy in Australian history."
Mr Sanders prefaced his HIH comments by highlighting that Andersen had last June been fined $US7 million ($14 million) by the SEC for fraudulently cooking the books of Waste Management and recently had agreed to pay $US110 million to settle suits relating to the Sunbeam audit.
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"In addition, your firm was in charge of auditing the largest issuer of junk bonds in Asia, a company called Asia Pulp and Paper, which is now undergoing one of the largest bankruptcies in Asian history and is $US12 billion in debt," Mr Sanders said, according to the ABC report.
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In this section
Cuts in tax paperwork to save $1bn
Unbelievers fail to tarnish gold rally
Downgrade costs MacBank $800m
Andersen chief promises the truth, eventually
HIH wins a US mention
Govt should act on audits
Deloitte falls into line, splits business
Microsoft says Australia is falling behind
Rate cycle turns: bond traders prepare for a mid-year rise
Austereo prospers with a Rumba beat
Amcil defers dividend after 80pc slump in profit
Earth boss resigns as company revamp
News drops on US accountancy talk
ERG rallies as chief hits out over gossip
Knives out in battle over food mag
Coke misses out on Harry Potter's magic
Advertising association revamps its board
JWT purchase puts Singleton on buying tack
Distributions on rise for AMP's listed trusts
Tyco moves to sell off suspect finance arm
Allied Irish robbed of $1.5bn
United Energy blames Victoria for deterioration
Global Crossing creditors may get 10pc
Flying on a wing and a prayer
No Joye in the witness box
Slice of western air could fetch $50m
Foodland hitches a ride on rival
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