(Bloomberg) ? American International Group Inc. executives have stakes worth $176 million in Bermuda-based C.V.Starr & Co., a closely held insurance broker and underwriter that?s been accused of conducting improper transactions with AIG, the Wall Street Journal reported. AIG?s chief executive officer, Martin Sullivan, held preferred shares of C.V. Starr with a liquidation value of more than $10 million on January 1, and the holdings of the insurer?s two senior vice chairmen, Thomas Tizzio and Edmund Tse, were $32 million and $26.7 million, respectively, the newspaper said.

Also, former CEO Maurice Greenberg, who stepped down in March amid regulatory scrutiny, held Starr shares worth $121.4million on January 1, and Howard Smith, who was dismissed as finance chief, held $26.6 million of Starr preferred shares on that date, the Journal said.

Starr holds AIG stock worth $2.6 billion, gets millions of dollars a year from transactions with the insurer and functions as a compensation vehicle for a select group of AIG officials,the paper said.