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By Paul Lashmar |
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April 29, 2001 |
DOUBLE BLOW FOR
IMPERIAL AS CHIEFS RESIGN; TROUBLED FINANCE FIRM LOSES CHAIRMAN AND
CEO |
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Intro: |
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THE CHAIRMAN
and chief executive officer of Imperial Consolidated, the accident
-prone Lincolnshire finance house. have resigned less than a month
after The Independent on Sunday revealed that they had been involved
in the bankruptcy of a hotel management company in Morecambe in the
mid 1990s. |
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Excerpt: |
David Marchant, publisher of the Miami-based
OffshoreAlert
newsletter, has been monitoring changes at the group. He said: "If
Imperial Consolidated is sincere in its desire to become more of a
mainstream business, it might want to start by publishing an audit
showing the true financial position of the worldwide group and by
bringing its offshore mutual funds into line with normal industry
practices.
"At the moment, Imperial Consolidated acts as administrator,
custodian, investment manager and just about everything else for its
Grenada-registered mutual funds, with little or no involvement of
independent third-parties." |
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