NSW: Adler applies for permanent stay of criminal proceedings

AAP General News (Australia)
12-15-2003
NSW: Adler applies for permanent stay of criminal proceedings

SYDNEY, Dec 15 AAP - Disgraced former HIH director Rodney Adler applied today for a
permanent stay on proceedings against him for allegedly manipulating the stock market.

Adler was committed in July to stand trial on three charges of manipulating the stock
market and two of making false or misleading statements in relation to securities.

The charges were brought by the Australian Security and Investment Commission (ASIC),
which alleges Adler contravened the Corporations Act when he purchased more than three
million HIH shares in the name of his company Pacific Eagle Equities in June 2000.

The collapse of HIH in March 2001 was the biggest in Australian corporate history,
with losses of up to $5.3 billion.

Adler's counsel David Jackson, QC, said today that ASIC should not be able to prosecute
his client criminally because he had been already punished after it brought civil proceedings
against him on the same matter last year.

In May last year, Adler was banned from being a company director for 20 years and he
and his companies were fined more than $6 million over the same transactions.

"He's already been punished for his involvement in the matter," Mr Jackson told the
NSW Supreme Court.

The hearing is continuing.

AAP klw/nf/wjf/jlw

KEYWORD: ADLER

2003 AAP Information Services Pty Limited (AAP) or its Licensors.