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June 22, 2003 |
The barred directors, the missing £100m and the regulators that lost the plot |
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Intro: |
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Even as they fell foul of the law, Lincoln Fraser and Jared Brook
were able to lure investors into Imperial Consolidated, says Paul
Lashmar
The scandal of Imperial Consolidated, the UK-based offshore finance
group which went into administration in June 2002 losing up to £200m
of investors' money, is perhaps one of the great indictments of
Britain's financial regulation. |
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Excerpt: |
The dubious activities of Imperial were first brought to the
attention of The Independent on Sunday by
David Marchant, the publisher of the Miami-based
newsletter Offshore Alert. Our
first story was published in January 2001 and revealed that Fraser
was suing a Spanish newspaper, El Mundo, over claims that Imperial
was seeking to buy weapons for Osama bin Laden. El Mundo was
repeating allegations made by the controversial Spanish-based Syrian
arms dealer Monzer al-Kasser. Fraser had entered into an investment
deal with al-Kasser over some Argentinian mining rights. |
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