Justice Howie in the New South Wales Supreme Court today directed the jury to acquit three FAI company officers on all charges. Those charges related to reinsurance arrangements entered into by FAI General Insurance Company Limited (FAI General) with General Cologne Re Australia Limited in 1998. It had been alleged that the true substance of those arrangements was concealed from the auditors of FAI Insurances Limited and its subsidiaries.

Timothy Maxwell Mainprize and Daniel Wilkie have been acquitted on two counts of failing to act honestly in the exercise of their powers and discharge of their duties as officers of FAI General and one count of providing false and misleading information.

Stephen Burroughs has been acquitted on one count of failing to act honestly in the exercise of his powers and discharge of his duties as an officer of FAI General.

End of release