AGA fallout

China Everbright-IHD Pacific has announced an exceptional $143.43 million loss in the year to March 31 after setting aside a provision for its investment in American Global Assurance (AGA).

In a lawsuit filed in Bermuda in 1995, the company accused AGA of failing to notify it before transferring all assets to a subsidiary in 1992. By then, the company held a 40 per cent stake worth $196 million in AGA.