BusinessBusiness RecoveryBarlow Clowes judgement upheld

Barlow Clowes judgement upheld

Henwood liable for more than £9.3m as Privy Council upholds Isle of Man court decision on Barlow Clowes

Peter Henwood, who was involved in the misappropriation of millions of pounds
of Barlow Clowes funds in the 1980s, will be liable for over £9.3m after the
Privy Council today upheld an Isle of Man Court ruling against him.

The proceedings were brought by PwC and Ernst & Young, the Barlow Clowes
receivers, and the ruling will enable them to pursue Henwood for the amount.

In a statement a Nigel Hamilton and a Michael Jordan, who were the receivers
and managers of Barlow Clowes at the time said the result was ‘very
satisfactory’ for Barlow Clowes and the Treasury, an assignee of the claims of
investors involved.

Hamilton said the receivers would now ‘pursue Mr Henwood and take the
appropriate action to seize his assets worldwide in satisfaction of this final
judgment’.

Henwood provided asset protection services through International Trust
Corporation (IOM) Limited, an Isle of Man company which was subsequently known
as Eurotrust International Limited and was involved in the Barlow Clowes
collapse.

In 1988 Barlow Clowes crashed after it emerged that chairman Peter Clowes and
his associates had misappropriated in excess of £100m from small private and
older investors who were believed they were investing in government securities.
Clowes was imprisoned for his actions.

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