BusinessCompany NewsMPs target ex-Aberdeen man in splits inquiry

MPs target ex-Aberdeen man in splits inquiry

The Commons Treasury Committee is to step up its inquiry into the collapse of Split Capital Investment Trusts and cross-examine the director of a leading management company who failed to attend a hearing earlier last summer.

Link: MPs savage Aberdeen over split trusts

ÿAberdeen Asset Management’s Chris ‘Mr Splits’ Fishwick – is due to give evidence within the next two weeks, despite quitting the company last week.ÿ

And he will face hostile questioning from MPs concerned at the extent of his reported pay-off – a year’s salary, reputed to be £350,000, plus the possibility of up to £1.4m in the form of a bonus, awarded last year but which directors decided not to take because of market conditions.ÿ

Other witnesses are expected to include other Aberdeen directors, the FSA, the Association of Investment Trusts and other bodies .

ÿTwo sessions are planned on Tuesday 22 October and Tuesday 29 October, but there could be more.

ÿThe committee have also issued a general appeal for written evidence on splitsÿand may seek to follow up any specific issues that emerge.

ÿThe FSA is already believed to be conducting an investigation into allegations of miss-selling of inherently risky splits as ‘safe’ investments and the widespread suspicion of a ‘magic circle’ of split managers who invested in each others’ instruments in order toÿramp up their market value.

ÿMPs gave Aberdeen representatives a particularly hard time with repeated hostile questions at their earlier hearing in July.ÿÿ

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