HARTFORD, CONN.–A key government witness at the trial of five U.S. executives, facing securities fraud charges for an allegedly bogus reinsurance transaction, admitted today his history included lying to Australian authorities about a similar deal.
The admission came during the cross-examination here in U.S. District Court of John Houldsworth, a former chief executive at Cologne Re Dublin, a subsidiary of the General Reinsurance unit of Berkshire Hathaway.
Mr. Houldsworth confirmed his past behavior while undergoing questioning by Alan Vinegard, the attorney for Robert Graham (Gen Re's former senior vice president and counsel).
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