SYDNEY - Former HIH deputy chairman Charles Abbott will not stand trial on a charge of misusing his position to obtain money from the failed insurer after the charge was dismissed today.
Magistrate Margaret Quinn found there was not a sufficient likelihood that a properly instructed jury would convict Mr
Abbott if the matter went to trial.
Mr Abbott had been facing a committal hearing on one charge of dishonestly misusing his position as a director of HIH in relation to a A$181,000 ($197,404) payment he received from the company the day before it was placed in provisional liquidation in March 2001.
Outside the court, Mr Abbott said he was relieved at the ruling.
"I'm very relieved. It's a big strain," he said.
Mr Abbott had submitted invoices for work done as a consultant to the struggling HIH on the afternoon of March 14, 2001.
The Downing Centre Local Court had heard that earlier that day, he had become aware of a report due to go to the HIH board the next day, recommending that HIH be put into liquidation.
Mr Abbott had asked that efforts be made to get his invoices paid that day and an HIH accountant was sent to an after hours bank processing centre to get his A$181,000 cheque cleared.
Magistrate Quinn said today that other companies had had special clearance arrangements with HIH because of its financial problems and there was nothing sinister in those arrangements.
Ms Quinn said while the prosecution had submitted that it was unusual for Mr Abbott to seek the payment so urgently because he was a director, the test was whether he had used his position dishonestly.
She said she was not of that opinion and ruled that Mr Abbott be discharged.
Outside the court, Mr Abbott also said he thought he was doing the right thing at the time.
- AAP
