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Lo pleads guilty to involvement with HIH collapse


SYDNEY, Australia—The former company secretary of failed insurer HIH Insurance Ltd. pleaded guilty Friday to four criminal charges related to the company's collapse.In the Supreme Court in Sydney, Frederick Lo admitted three counts of making false or misleading statements and one of failing to properly exercise his powers as an officer of the defunct insurer between May 1999 and October 2000.

A sentencing hearing was slated for January.

HIH became Australia's largest ever corporate collapse when it went under in 2001.

Several former executives of HIH have faced criminal charges, and some have been jailed or banned by the country's insurance regulator for their role in the company's downfall.