Raymond Reginald Williams (born 1937) is an Australian
businessperson and corporate criminal. In 2005 he was imprisoned for a minimum of two years and nine months for filing false financial statements and failing his duty as a director.
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After Williams' criminal conviction, charities began removing his name from their donor plaques,
and his award as
Member of the Order of Australia
The Order of Australia is an Order (distinction), honour that recognises Australian citizens and other persons for outstanding achievement and service. It was established on 14 February 1975 by Elizabeth II, Monarchy of Australia, Queen of Aus ...
was cancelled by order of the
Governor-General.
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HIH collapse
In 1968, Williams was a co-founder of "M W Payne Underwriting Agency Pty Ltd", which over time evolved into
HIH Insurance
HIH Insurance was Australia's second-largest insurance company before 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 ...
. HIH collapsed in 2001 with debts estimated at up to
A$5.3 billion, the largest corporate collapse to that date. On 15 April 2005, Williams was sentenced to 4 years 6 months jail with a non-parole period of 2 years 9 months, after pleading guilty to misleading HIH shareholders about the financial position of the company. Williams was also banned from leading an Australian corporation for ten years.
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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.
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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.
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Release from jail
On 14 January 2008, with media helicopters circling overhead, Williams was released on parole from
Silverwater Correctional Centre
The Silverwater Correctional Complex, an Australian maximum and minimum security prison complex for males and females, is located in Silverwater, west of the Sydney central business district in New South Wales, Australia. The complex is ope ...
. Newspapers reported Williams was looking forward to retiring in the
Sydney suburb of
Seaforth, where his wife, Rita owns a luxury home.
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See also
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Rodney Adler
References
External links
HIH filefrom the Australian Securities and Investment Commission (ASIC)
{{DEFAULTSORT:Williams, Ray
1937 births
Living people
Australian fraudsters
Businesspeople from Sydney
Former Members of the Order of Australia
Place of birth missing (living people)