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subject AIG Says to Restate Financials Since 2000
NEW YORK (Reuters) - American International Group Inc. on Sunday said it will restate its annual financial reports for most of the last five years, and would also reduce its net worth by around $2.7 billion due mostly to past accounting errors. The world's largest insurer by market value also delayed the filing of its annual 10-K report with the U.S. Securities and Exchange Commission for a third time, saying it now expects to file it no later than May 31, 2005. AIG, in a press release, also said it would restate annual financials for the years from 2000 to 2003 and the quarters ended March 31, June 30 and September 30 in 2004. The New York-based insurance company said that its internal review has yielded material weaknesses in its internal controls and accordingly, its auditor PricewaterhouseCoopers would issue an adverse opinion in its own report on the company's financials. The world's largest insurer by market value had at the end of March said it believed it would file the 10-K with the U.S. Securities and Exchange Commission by Saturday, April 30, after delaying it while it undertook an internal investigation of its accounting. The internal review followed a wide-ranging investigation launched by New York Attorney General Eliot Spitzer and the U.S. SEC and also cost former AIG Chairman and Chief Executive Maurice Hank Greenberg his job. Since AIG said it received subpoenas from Spitzer and the SEC on Feb. 14, it has lost about $57 billion in market value. We are disappointed that we have not yet been able to file our Form 10 K, said Martin Sullivan, AIG President and Chief Executive Officer, adding: We are working diligently to complete the filing, at the same time assuring we have accurate financial statements, rigorous accounting, greater transparency and thorough disclosure.
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