AIG delays 2004 report for a third time

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Friday April 29, 07:48

AIG delays 2004 report for a third time

(by Dr.Goldfinger)

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The world’s No.1 insurer American International Group Inc. will postpone its financial report for 2004 once again in the process of reviewing accounting errors with the higher possibility for the company to see its net worth cut by about $1.7 billion it previously estimated.

Last month, the company forced its CEO and chairman Maurice ``Hank’’ Greenberg to step down amid the probes launched by the Securities and Exchange Commission and the New York State Attorney General Eliot Spitzer. Some of the company’s top executives, including Greenberg, refused to cooperate with the investigation over the questionable transactions with another insurer General Re led by billionaire Warren Buffett.

AIG was expected to file the report on May 2, but will probably delay the filing amid the internal review that may lead to cutting as much as $1.7 billion from its net worth.

The company faces total reduction in its net worth topping $2.7 billion, about $1.2 billion more than initially estimated, according to New York Times.

The improperties for the company were first unveiled on March 30 with the estimated impact on its net worth amounting to $1.7 billion, or 2%.

Both AIG spokesman Chris Winans and Spitzer spokesman Darren Dopp declined to comment on the matter.

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