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By Paul Lashmar |
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August 12, 2001 |
IMPERIAL'S DRIVE
TO BE GLOBAL PLAYER HITS MORE LEGAL ROADBLOCKS; COURT CASES COST
THE TROUBLED FINANCE GROUP POUNDS 21,000 AND A STOP ORDER, SAYS PAUL LASHMAR |
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Intro: |
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Imperial
Consolidated, the accident-prone UK and offshore finance group, has
had two further setbacks that raise fresh doubts over the group's
ambition to become a major player in the international finance
sector.
In the UK, a subsidiary of the group has been fined pounds 12,500
plus costs of pounds 8,516 in the High Court in Leeds after
admitting contempt of court. In Australia the Securities and
Investments Commission issued a final stop order on 25 July
preventing the group offering securities there. |
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Excerpt: |
In its
settlement with CLC, Mirfield agreed to pay pounds 35,000 plus
costs. The magazine Offshore Alert
says that Mirfield has expanded rapidly from 14 to 142 employees in
12 months, drawing staff from rival companies by offering lucrative
employment packages including company cars. Mirfield has also been
offering borrowing terms to clients that are better than those of
most rivals. The sector standard is offer 25-week loans of around
pounds 200, at annual interest rate of 40 per cent. Mirfield is
offering two- year loans of up to pounds 2,000 at 25 per cent annual
interest. |
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