HIH's Liabilities in Hong Kong HK$1.05bln: Newspaper

The Hong Kong office of Australian-based insurer HIH Group collapsed with liabilities of HK$1.05 billion, according to SCMP report. HIH, Hong Kong's sixth largest general insurer, collapsed in April - a month after its Australian parent went into provisional liquidation. The Supreme Court of New South Wales yesterday wound up the main subsidiaries of Australia's HIH and approved the winding up of 18 HIH companies, the paper said. The four Hong Kong subsidiaries - HIH Insurance (Asia), HIH Holdings (Asia), FAI First Pacific Insurance and HIH Casualty and General Insurance (Asia) - have now become creditors of the parent company, the paper said, citing Peter Whalley, the provisional liquidator of HIH Hong Kong companies.

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