ANOTHER less publicised case won't get quite so much police attention: Alexander Howdens, one of the top five insurance companies. has been at the centre fraud scandal since its takeover by Alexande and Alexander Services of the USA Howdens is a bit more reputable than Oxford claimants; its chair, Raymond Posgate, is the second most highly paid person in Britain. In one month he earns as much as all the arrested claimants got in one week. seems some of his colleagues resented his high earnings.
Alexanders have just announced, wounded tone, that Howdens is £14.6m short. An emergency audit has revealed irregular accounting practices and business transac. tions' grand scale.
The problems surround a subsidiary called Southern Real Estate Howden senior employees held shares in this company on an 'undisclosed basis'. Howdens was taken over, a settlement was arranged with these four gentlemen. But sadly 'certain assets to be transferred under the agreement nave not been received, value of some the assets received appears to be less than originally contemplated.' In other words, they welshed on the deal, lied about their side of it, and stung their new partners for a cool $25 million.
Some people are a little hot under the collar about this. 'Various legal remedies and insurance claims are being considered' by the American company.
But after all, our dear police don't exist to worry now do they? It's only enough to buy houses for all the Oxford claimants instead of jailing them. poor bastards to the wall for the loss of one tenth of this amount.
That is why you won't see a fraud swoop in Panama, folk being carted off to the nick. In fact, the Economist is •VILe business, which it considers one in the eye for a brash American company.
But then, it ain't what you do but who you are - isn't it?
For 8 malo But it in - in other words, fiddling - on a truly of Panama. Four When ana une about trifling sums like £14 million, Much more important to screw the For distressed bowlerhatted city pleased at the blems that also need tackling. Institutionalised and State racism are difficult nuts to crack. Organising one-off Asian cookery useful to the individuals involved, won't challenge racism by itself.
Reforms in the schools are necessary step towards integrated multi-national education But such reforms on their own are doomed failure As black woman teacher at the end of the programme pointed sort result in tokenism at best. she "liberalism is our worst enemy'. . And the BBC has got dollops of that!