Ray Williams (businessman)

Infobox Criminal
subject_name = Raymond Reginald Williams


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date_of_birth = 1937
place_of_birth =
date_of_death =
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penalty = four years six months imprisonment
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occupation = Company director, HIH Insurance
spouse = Rita Williams
parents =
children =

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.cite news |first=Lisa |last=Carty |authorlink= |title=I'm out of here |url=http://www.smh.com.au/news/national/exhih-chief-executive-set-to-leave-jail/2008/01/12/1199988650407.html |publisher="The Sydney Morning Herald" |date=2008-01-13 |accessdate=2008-01-13 ] After Williams' criminal conviction, charities began removing his name from their donor plaques,cite news |first=Ellen |last=Connolly |authorlink= |title=Ray Williams out of jail |url=http://www.news.com.au/dailytelegraph/story/0,22049,23043309-5001021,00.html |publisher="The Daily Telegraph" |date=2008-01-13 |accessdate=2008-01-21 ] and he was stripped of his Order of Australia medal by order of the Governor-General. [cite web |url=http://www.ag.gov.au/portal/govgazonline.nsf/050CDE50D6062C7BCA2570CA000CB66C/$file/S224.pdf |title=ORDER OF AUSTRALIA |accessdate=2008-01-22 |author=Hazell, Malcolm |date=2005-12-01 |work=Commonwealth of Australia Gazette |publisher=] [cite news |first=Tony |last=Vermeer |authorlink= |title=Williams loses OA award |url=http://www.news.com.au/story/0,23599,17822486-2,00.html |publisher="The Sunday Telegraph" |date=2006-01-15 |accessdate=2008-01-22 ]

HIH collapse

Williams founded the HIH Insurance company, which collapsed in 2001 with debts of more than A$5 billion. On April 15, 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.cite news |first=Natalie |last=O'Brien |authorlink= |title=Ray Williams to go free, HIH pain lingers |url=http://www.news.com.au/business/story/0,23636,23046874-462,00.html |publisher="The Australian" |date=2008-01-14 |accessdate=2008-01-14 ]

Chief Justice Wood found in his judgement during the 2005 Royal Commision 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.cite news |title=Ray Williams: the full judgement|url=http://www.smh.com.au/news/Business/Ray-Williams-the-full-judgement/2005/04/15/1113509905829.html |publisher="The Sydney Morning Herald" |date=2005-04-15 |accessdate=2008-01-21 ]

Assets

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.However, Williams was declared bankrupt in 2007 after losing everything due to the collapse.cite news |first=Lisa |last=Carty |title=No more cleaning toilets for former HIH boss |url=http://www.brisbanetimes.com.au/articles/2008/01/12/1200159256449.html |publisher="The Brisbane Times" |date=2008-01-13 |accessdate=2008-01-21 ]

Release from jail

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.cite news |first=Paul |last=Bibby |authorlink= |title=HIH boss out of jail |url=http://www.smh.com.au/news/national/hih-boss-out-of-jail/2008/01/14/1200159315765.html |publisher="The Sydney Morning Herald" |date=2008-01-14 |accessdate=2008-01-14 ]

References

ee also

*Rodney Adler

External links

* [http://www.fido.gov.au/asic/asic.nsf/byheadline/HIH+file?OpenDocument&Click= HIH file] from the Australian Securities and Investment Commission (ASIC)