Dennis Lomas, former FD of Independent Insurance is about to be sentenced
after being found guilty in one of the UK ‘s biggest accounting scandals.
Yesterday, Lomas was found guilty of defrauding directors, employees,
re-insurers, shareholders, policy holders and others who had a legitimate
interest in knowing the financial condition of Independent Insurance.
Lomas and his fellow directors, former chief exec Michael Bright and deputy
MD Philip Condon were remanded in custody after Judge Rivlin QC pronounced them
guilty at Southwark Crown Court.
The effect of their actions led to the annual accounts for the year 2000
showing a £22m profit, instead of showing a loss of at least £180m.
In June 2001 Independent Insurance went into provisional liquidation.
jobs were lost, thousands of shareholders lost investments and more than £366m
has since been paid out under the statutory compensation scheme, according to
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies