The Commonwealth Director of Public Prosecutions (CDPP) has withdrawn the charge brought by ASIC against the former chairman of HIH Insurance Limited (HIH), Mr Geoffrey Cohen.

ASIC alleged that in delivering his address to shareholders at the HIH Annual General Meeting (AGM) on 15 December 2000, Mr Cohen did not take reasonable steps to ensure that the information he gave to the shareholders at the HIH AGM was not misleading about the joint venture between Allianz Australia Ltd (Allianz) and HIH. These statements related to the effect of the joint venture on HIH’s cash flow and the payment of $200 million by Allianz to HIH.

The withdrawal of the charges concludes ASIC’s proceedings against Mr Cohen and no further action will be brought.