Australia · Supreme Court of New South Wales in ASIC civil penalty proceedings

Rodney Adler: director ban

Ended Justice Santow ordered the 20 year ban in March 2002 and it was upheld on appeal. The end month of March 2022 is calculated from that order and length, no official end date was found. On that calculation the ban has run.

Grounds

ASIC said Justice Santow found in March 2002 that Adler breached his directors' duties over a 10 million dollar payment by HIH Casualty and General Insurance to Pacific Eagle Equities, a company of which he was a director.¹

Companies

HIH Insurance (HIH Casualty and General Insurance Limited), Pacific Eagle Equities Pty Ltd, Adler Corporation

Record

• March 2002Justice Santow banned Adler from acting as a director for 20 years and ordered a 450,000 dollar penalty.¹
• 2003The NSW Court of Appeal upheld the bans and penalties while allowing his appeal on one finding under s183, according to ASIC release 03-217. Insurance News described it as the previous year's decision in June 2004.^1,3
• 1 June 2004Insurance News reported the High Court refused him special leave to appeal the Court of Appeal decision upholding the 20 year ban.³
• 9 October 2007Insurance News reported the 2002 20 year ban while noting his expected release from prison.²

Sources

1. Australian Securities and Investments Commission, 03-217 Court upholds penalties against HIH directors (18 February 2005)
2. Insurance News, Adler: time's up (9 October 2007)
3. Insurance News, Adler loses High Court appeal (1 June 2004)

A disqualification restricts acting as a company director for the period stated. It is a civil measure and is not a criminal conviction unless stated. How bans work.