Businessman Rodney Adler has declared he has nothing to be ashamed of over the collapse of both HIH and OneTel.

Mr Adler, who was a Director of both companies, has launched a spirited defence of his actions in relation to the two companies.

Mr Adler has told a gathering of young Jewish leaders in Melbourne, HIH collapsed because of gross mismanagement and poor accounting systems.

He said he warned HIH Chief Executive, Ray Williams, in October last year about the company's looming financial problems, and management inaction prompted him to quit the Board in February.

As for OneTel, Mr Adler insisted the phone company was on track to reach its financial targets when he left its Board earlier this year.

He said OneTel was an excellent marketing company but it was up against the much better resourced Telstra and Optus.

ABC News Online

-- Anonymous, June 09, 2001