Peter Michael Bond

Four former employees of the Valmet Group, which was acquired by Bermuda-based Mutual Risk Management in 2001, have been banned from holding corporate office in the Isle of Man.The disqualifications follow proceedings brought at the local High Court of Justice by the Isle of Man Financial Supervision Commission in connection with concealing the proceeds of a U. S. fraudster.

Mutual Risk Management is due to complete the purchase of Bermuda-registered financial services firm Valmet Group by January 2, 2001. In acquiring Valmet, MRM is taking over an entity that has received much international publicity over the last few years due to its ties with Russia.