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19 May 2008
Former directors of Merseyside bottled gas business Alta Gas, Peter Bradley and Peter Stott, were sentenced last Friday at Liverpool Crown Court to four and two years’ imprisonment, respectively, for a £45m fraud leading to the collapse of Bradley’s liquid petroleum gas company.
The collapse followed due diligence examinations of the business by accountants instructed by venture capitalists who were becoming concerned. Receivers subsequently discovered a sophisticated system of false accounts which created a positive image of a profitable company to attact investment bankers.
Talks were already underway with Barclays to secure another £70m capital injection when the true state of the company was revealed in an investigation by the Serious Fraud Office in conjunction with Merseyside Police, commenced in late 2001.
Each of the former directors had denied the allegations but then pleaded guilty just before trial at Liverpool Crown Court last Match. Confiscation of assets, compensation and prosecution costs will be dealt with at a hearing on 24 September to enable further enquiries.
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