Business | General
Timetable for AIG asset sale could change
American International Group Inc., the insurer rescued by the US government, said the timing of asset sales may change because of the global financial crisis.
- Bloomberg
- Published: 23:41 December 11, 2008
Hong Kong: American International Group Inc., the insurer rescued by the US government, said the timing of asset sales may change because of the global financial crisis.
"These are challenging times to undertake divestitures," said chief executive officer Edward Liddy at an American Chambers of Commerce lunch in Hong Kong yesterday. "It's quite possible that the pace and order of our divestitures will change."
AIG is selling businesses including life insurance, retirement services and an airplane-leasing unit to repay a $60 billion government loan, part of the rescue package that spared it from bankruptcy and gave the government a 79.9 per cent stake.
Liddy also said former chief executive Maurice 'Hank' Greenberg may have run AIG for too long.
Lawsuit
A New York judge said December 3 the insurance group can go forward with its lawsuit claiming Greenberg "misappropriated" millions of AIG shares.
AIG in March sued Greenberg and six other former executives alleging they took company stock held by an AIG affiliate, Starr International Co in 2005. The defendants seized control of the board of Starr, AIG's largest shareholder, and converted the firm to a private investment vehicle for their benefit, AIG claimed.
More from Business General
More from Business
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
