PracticeAccounting FirmsDome redeveloper charged with insider-dealing

Dome redeveloper charged with insider-dealing

A great shadow hangs over the future of the Millenium Dome once again after it was revealed that the leader of the consortium to redevelop the site has been charged with insider dealing.

Link: ‘Chaos’ cost Dome FD his bonus

Philip Anschutz, the founder and former chairman of telecoms firm Qwest Communications, was named alongside four other executives in a civil lawsuit brought by New York attorney general Eliot Spitzer.

The five are charged with gaining $18m from insider dealing with bank Salomon Smith Barney. Anschutz alone is alleged to have made $3.2m from the deals.

Anschutz heads1128637 up the Meridian consortium which aims to turn the Dome into a sports and entertainment complex. The consortium did not pay anything to the government for the site but promises a share of future profits.

The government insists that redevelopment is still on track and that the charge will not affect plans as Anschutz is only individual in a sizeable consortium.

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