FOI documents reveal a secret ASIC review of disclosure at insurer IAG.
A fund manager query about Greensill Group exposure prompted review.
ASIC concluded disclosure was appropriate then. IAG later listed lawsuit risk.
The corporate regulator secretly probed whether insurance giant IAG needed to disclose the risk of a potential costly blowout to controversial financing firm Greensill Group during a $750 million capital raising, freedom of information documents reveal.
An email from a fund manager – who sources say is Bronte Capital founder John Hempton – had raised concerns about scant disclosure. But the Australian Securities and Investments Commission concluded no warning was warranted amid the November 2020 recapitalisation.
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Liam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane. Email Liam at liam.walsh@afr.com.au
Jenny Wiggins writes on business, specialising in infrastructure, telecommunications and transport. Connect with Jenny on Twitter. Email Jenny at jwiggins@afr.com
