Ray Williams (businessman)

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Raymond Reginald Williams
Born 1937 (1937)
Occupation Company director, HIH Insurance
Criminal penalty
four years six months imprisonment
Spouse(s) Rita Williams

Raymond Reginald Williams (born 1937) is an Australian businessman and corporate criminal. In 2005 he was imprisoned for two years and nine months for filing false financial statements and failing his duty as a director.[1] After Williams' criminal conviction, charities began removing his name from their donor plaques,[2] and he was stripped of his Order of Australia medal by order of the Governor-General.[3][4]

HIH collapse[edit]

Williams founded the HIH Insurance company, which collapsed in 2001 with debts of more than A$5 billion. On 15 April 2005, he was jailed for 4 years 6 months with a non-parole period of 2 years 9 months, after pleading guilty to misleading shareholders about the financial position of HIH. Williams was also banned from leading an Australian corporation for ten years.[5]

Chief Justice Wood found in his judgement during the 2005 Royal Commission that Williams did not seek nor gain any financial advantage for his business mistakes nor was his criminal negligence the result of any deliberate deception.[6]

Assets[edit]

In the years prior to the HIH collapse, Willams transferred millions of dollars into his wife's name, which was used to purchase a luxury mansion and other property, assets and investments. The demise of HIH Insurance was Australia's biggest corporate collapse, and was the subject of a Royal Commission which led to the charges against Williams and his associates.[5] However, Williams was declared bankrupt in 2007 after losing everything due to the collapse.[7]

Release from jail[edit]

On 14 January 2008, with media helicopters circling overhead, Williams was released on parole from Silverwater Correctional Centre. Newspapers reported Williams was looking forward to retiring in the Sydney suburb of Seaforth, where his wife, Rita owns a luxury home.[8]

See also[edit]

References[edit]

  1. ^ Carty, Lisa (13 January 2008). "I'm out of here". The Sydney Morning Herald. Retrieved 2008-01-13. 
  2. ^ Connolly, Ellen (13 January 2008). "Ray Williams out of jail". The Daily Telegraph. Retrieved 2008-01-21. [dead link]
  3. ^ Hazell, Malcolm (1 December 2005). "ORDER OF AUSTRALIA". Commonwealth of Australia Gazette. Retrieved 2008-01-22. 
  4. ^ Vermeer, Tony (15 January 2006). "Williams loses OA award". The Sunday Telegraph. Retrieved 2008-01-22. [dead link]
  5. ^ a b O'Brien, Natalie (14 January 2008). "Ray Williams to go free, HIH pain lingers". The Australian. Retrieved 2008-01-14. 
  6. ^ "Ray Williams: the full judgement". The Sydney Morning Herald. 15 April 2005. Retrieved 2008-01-21. 
  7. ^ Carty, Lisa (13 January 2008). "No more cleaning toilets for former HIH boss". The Brisbane Times. Retrieved 2008-01-21. 
  8. ^ Bibby, Paul (14 January 2008). "HIH boss out of jail". The Sydney Morning Herald. Retrieved 2008-01-14. 

External links[edit]

  • HIH file from the Australian Securities and Investment Commission (ASIC)