Last updateTue, 03 Mar 2015 12pm


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AIG: criminal conduct?

The Serious Fraud Office has today launched a preliminary inquiry into the UK operations of AIG Financial Products Corp.

AIG Financial Products Corp is a subsidiary of American International Group, Inc. (NYSE:AIG).

AIG said in a press statement that it intends to fully cooperate with the authorities over the matter.

As previously disclosed, AIG began the process of unwinding certain of AIG FP’s and its subsidiaries’ businesses and portfolios, including those in the UK, late last year.

There are approximately 370 employees in AIGFP worldwide who are working on the winding down of the business.
The SFO’s inquiry does not concern the insurance operations of AIG in the UK or elsewhere.

The SFO’s says its swift action is in line with its new approach under the current Director of intervening proactively at an early stage when it is made aware of irregularities which warrant further investigation.

The Director of the Serious Fraud Office, Richard Alderman, said:

“It is right for us to look into the UK operations of AIG Financial Products Corp., to determine if there has been criminal conduct. We will use our full range of powers to seek information and to speak to those with an inside knowledge of the company’s operations.”

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