Former HIH deputy chairman faces committal

Former HIH Insurance deputy chairman Charles Abbott faces court today for a committal hearing on a criminal charge of dishonestly using his position as a director of the failed insurance company.

Mr Abbott was charged last year following investigations by the Australian Securities and Investments Commission.

The charge relates to a payment made by HIH to a company associated with Mr Abbott in the days before the collapse of HIH in March, 2001.

HIH became Australia's biggest ever corporate failure when it collapsed with debts of A$5.3 ($NZ5.73) billion.

Mr Abbott is due to appear in the Downing Centre Local Court in Sydney.

- AAP