NSW: Adler chokes back tears and describes life "under siege"

AAP General News (Australia)
03-30-2005
NSW: Adler chokes back tears and describes life "under siege"

By Peter Trute

SYDNEY, March 30 AAP - A tearful Rodney Adler told today how he had feared for his
life and been "under siege" since the collapse four years ago of insurance company HIH.

On a day in which he swung between barely contained emotion, making jokes and hoping
society would forgive him, the convicted former HIH director fought back tears as he described
the impact of the insurer's failure on his life.

However he also said there was no way for him to say "sorry" for what he had done.

"It is incredibly hard to define what has happened these last four years," he told
the NSW Supreme Court with his wife Lyndi watching on.

"I have been under siege, the whole family (has)," he said.

Adler, who has been convicted on four charges related to his time at HIH after the
company became Australia's biggest-ever corporate failure, said there was not one day
that went by "that one of the kids doesn't ask me if I am going to jail".

The 45-year-old father of four made a final address in his defence today, saying there
was no way he could say "sorry".

"I pleaded guilty to four charges of, effectively, dishonesty and intentionally misleading
people," he said.

"There's no excuse - even though I can justify it today the justification is unacceptable.

"One would like to say sorry but there is no mechanism to say sorry - you can't reverse it."

Adler said that by pleading guilty and admitting falsehoods, he hoped that society
and Justice John Dunford would be able to forgive him and let him rebuild his life.

He also described how he had thought he might be killed after seeing a mysterious car
outside his Vaucluse home in Sydney's east two days ago.

Adler said he had risen about 4.15am to prepare for his court appearance and decided
to drive to Bondi.

On leaving he noticed a car drive away from his house and followed it to Watsons Bay,
however before stopping to ask the driver's identity, Adler said he telephoned his office
and left the details of the car in a message for his secretary, adding, "If I am dead
when you get this, please send this to the police".

Adler said the occupants of the car identified themselves as being from The Daily Telegraph
newspaper and wanted to interview him.

He also faced cross-examination from prosecution barrister Lionel Robberds QC today
on his explanation of the crimes to which he pleaded guilty last month.

Adler has admitted lying to former HIH chief executive Ray Williams - who is also awaiting
sentence on separate HIH-related charges - that he was putting $500,000 of his own money
into a struggling internet company, Business Thinking Solutions, in order to convince
Williams to put $2 million of HIH money into the business.

Adler was paid a $50,000 brokerage fee by BTS for snaring the $2 million, however told
the court he had insisted the Adler Corporation ledger be changed to record the payment
as a rental bond because it was inappropriate that he receive a fee.

He then told Mr Robberds that the five per cent fee should have been $100,000.

"I worked it out myself - I've been short changed," he quipped, before adding "I'm
being flippant".

Adler also rejected the suggestion that when he lied to a journalist in June 2000 by
saying he had used his own money to buy HIH shares when in fact he had used HIH funds,
he had been seeking to push up the company's share price.

"I intentionally misled (the journalist) but not for the purpose of share prices" he said.

He said he was "horrified" by the story which appeared in The Australian Financial
Review on June 20, 2000, but did nothing to correct the mistake.

The sentencing hearing continues tomorrow.

AAP pt/mn/bre

KEYWORD: ADLER NIGHTLEAD

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