Enquiry launched into UK operations of AIG Financial Products Corp

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

The SFO said it is cooperating with US authorities who are already conducting separate, independent investigations involving conduct at AIG Financial Products Corp and with UK- based financial services regulator, the Financial Services Authority. SFO's inquiry does not concern the insurance operations of AIG in the UK or elsewhere.

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.”

AIG is cooperating with the SFO.

AIG said that the SFO’s inquiry is not related to AIG’s foreign or domestic insurance businesses.

AIG began the process of unwinding certain of AIG Financial Products Corp’s and its subsidiaries’ businesses and portfolios, including those in the UK, late last year.

There are approximately 370 employees in AIG Financial Products Corp worldwide who are working on the winding down of the business.