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AIG Reports Attempted Document Heist

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NU Online News Service, April 4, 2005, 8:25 p.m. EDT

American International Group Inc., New York, reported Sunday in a letter to shareholders that it has discovered “efforts to remove documents and information” from its Bermuda office without proper permission from the company.[@@]

AIG Chief Executive Martin Sullivan writes in the letter that the company immediately brought these incidents to the attention of the relevant authorities. AIG did not specify which Bermuda employee or employees were involved in the attempt to remove the documents.

Sullivan writes that AIG is fully cooperating with ongoing investigations by various regulatory authorities and is continuing to brief regulators on the progress of the company’s own internal review.

“AIG has been cooperating with the New York attorney general and the Securities and Exchange Commission with regard to document security in New York, Bermuda, Ireland and other locations,” Sullivan writes.

AIG’s cooperation with authorities will include “terminating the employment of any AIG employee who does not cooperate with the internal review and external investigations,” Sullivan writes.

In related news, AIG is continuing to cut top-level ties with C.V. Starr & Company, a private holding company run by former AIG Chairman Maurice Greenberg, and Starr International, a private firm involved with the compensation of top AIG executives.

Sullivan and several other AIG executives have given up seats on the C.V. Starr and Starr International boards, AIG says.

AIG critics have argued that AIG has been using C.V. Starr and Starr International to get around the disclosure rules that apply to public companies.


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