SEC allowed to protect AIG documents from Greenberg

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Friday April 08, 08:02

SEC allowed to protect AIG documents from Greenberg

(by Olivia Cohen)

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SEC allowed to protect AIG documents from Greenberg

The Securities and Exchange Commission was allowed by the court to take all the documents it considers to be taken from American International Group to save them from any impact from the company’s ex-chief executive Maurice «Hank» Greenberg.

On Thursday, the US District Court for the Southern District of New York allowed SEC to protect any documentation of AIG that cannot be destroyed by the company’s top executives.

Earlier, the Securities and Exchange Commission and New York Attorney General launched an investigation in an attempt to explore the company’s offshore activities amid charges of misleading the shareholders to improve its numbers.

Now SEC will be able to take any documents from either Greenberg or C.V. Starr, Bermuda-based offshore company.

Maurice Greenberg was forced to step down as AIG’s chief executive and chairman last month after doubts appeared whether he had a desire to testify on the fraud actvity in the company.

Last week, AIG admitted a series of accounting improprieties with the total of $1.7 billion of the net worth.

The court’s oreder is widely expected to shed the light on AIG’s improprieties, said Mark Schonfeld, director of the SEC’s northeast regional office. "This order will ensure the security and integrity of documents is preserved and that relevant evidence will be available in our ongoing investigation."

Some AIG’s employees were really condemned of destroying some data from the company’s computers, according to the lawyers representing AIG.

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