BusinessCompany NewsFormer AIG head leaves under accounting fraud cloud

Former AIG head leaves under accounting fraud cloud

Maurice Greenberg steps down from board due to ongoing investigations

The former chairman and chief executive of insurance giant AIG has severed his ties with the company on the back to fraud investigations sparked by accounting problems.

Link: Restated AIG results show 2004 drop

Maurice Greenberg resigned from the board of the group he had built into one of the world’s largest insurers under a cloud, as New York attorney general continues to push allegations of accounting fraud against him and former chief financial officer Howard Smith.

‘My decision to resign now results from my inability to receive information regarding the company and its operations necessary to fulfil my fiduciary duties,’ said Greenberg in a statement.

Last month, the company restated its financial results dating back to 2000, cutting earnings by over 10% as a result of problems with its reserves since that time.

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