Ray Williams (businessman)
Encyclopedia
Raymond Reginald Williams (born 1937) is an Australia
n 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.
After Williams' criminal conviction, charities began removing his name from their donor plaques, and he was stripped of his Order of Australia
medal by order of the Governor-General
.
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.
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.
which led to the charges against Williams and his associates.
However, Williams was declared bankrupt in 2007 after losing everything due to the collapse.
. Newspapers reported Williams was looking forward to retiring in the Sydney
suburb of Seaforth
, where his wife, Rita owns a luxury home.
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
n 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.
After Williams' criminal conviction, charities began removing his name from their donor plaques, and he was stripped of his Order of Australia
Order of Australia
The Order of Australia is an order of chivalry established on 14 February 1975 by Elizabeth II, Queen of Australia, "for the purpose of according recognition to Australian citizens and other persons for achievement or for meritorious service"...
medal by order of the Governor-General
Governor-General of Australia
The Governor-General of the Commonwealth of Australia is the representative in Australia at federal/national level of the Australian monarch . He or she exercises the supreme executive power of the Commonwealth...
.
HIH collapse
Williams founded the HIH InsuranceHIH Insurance
HIH Insurance was Australia's second largest insurance company. It was placed into provisional liquidation on 15 March 2001. The demise of HIH is considered to be the largest corporate collapse in Australia's history, with liquidators estimating that HIH's losses totalled up to $5.3 billion...
company, which collapsed in 2001 with debts of more than A$
Australian dollar
The Australian dollar is the currency of the Commonwealth of Australia, including Christmas Island, Cocos Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru and Tuvalu...
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.
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.
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 CommissionRoyal Commission
In Commonwealth realms and other monarchies a Royal Commission is a major ad-hoc formal public inquiry into a defined issue. They have been held in various countries such as the United Kingdom, Australia, Canada, New Zealand, and Saudi Arabia...
which led to the charges against Williams and his associates.
However, Williams was declared bankrupt in 2007 after losing everything due to the collapse.
Release from jail
On 14 January 2008, with media helicopters circling overhead, Williams was released on parole from Silverwater Correctional CentreSilverwater Correctional Centre
Silverwater Correctional Centre is a minimum security Australian male prison facility, located in Holker St, Silverwater, west of the Sydney central business district in New South Wales, Australia.-Notable prisoners:...
. Newspapers reported Williams was looking forward to retiring in the Sydney
Sydney
Sydney is the most populous city in Australia and the state capital of New South Wales. Sydney is located on Australia's south-east coast of the Tasman Sea. As of June 2010, the greater metropolitan area had an approximate population of 4.6 million people...
suburb of Seaforth
Seaforth, New South Wales
Seaforth is a suburb of northern Sydney, in the state of New South Wales, Australia. Seaforth is located 12 kilometres north-east of the Sydney central business district in the local government area of Manly Council and is part of the Northern Beaches region....
, where his wife, Rita owns a luxury home.
External links
- HIH file from the Australian Securities and Investment Commission (ASIC)