1
SATURDAY, SEPTEMBER 18, 1993
ALLIED GROUP PROBE UPDATES
*
* * *
THE FINANCIAL SECRETARY, MR HAMISH MACLEOD, SAID TODAY (SATURDAY) HE HAD SENT COPIES OF THE FULL REPORT, PRODUCED BY THE INSPECTOR APPOINTED TO INVESTIGATE CERTAIN TRANSACTIONS RELATED TO THE ALLIED GROUP, TO ALL THE 27 COMPANIES INVOLVED IN THR INVESTIGATION.
"AN ABRIDGED VERSION OF THE REPORT HAS BEEN PUBLISHED AND IS
NOW AVAILABLE FOR SALE TO THE PUBLIC, HE SAID.
MR MACLEOD SAID THE STANDARDS OF COMMERCIAL AND CORPORATE CONDUCT AS REVEALED IN THE REPORT GAVE CAUSE FOR SERIOUS CONCERN. HE SAID THE REPORT HAD BEEN REFERRED TO LAW ENFORCEMENT AND REGULATORY BODIES.
HE SAID IN DELIVERING THE REPORT TO THE COMPANIES CONCERNED, HE HAD URGED THEIR DIRECTORS TO STUDY ITS CONTENT CAREFULLY AND TO TAKE SUCH ACTION AS IS NECESSARY IN THE SHAREHOLDERS' INTEREST.
"IN PUBLISHING THE ABRIDGED VERSION OF THE REPORT, OUR AIM IS TO BALANCE THE NEED TO GIVE AS MUCH INFORMATION AS POSSIBLE TO SHAREHOLDERS AS WELL AS THE WIDER COMMUNITY, WHILE AT THE SAME TIME NOT PREJUDICING ANY LEGAL PROCEEDINGS THAT MIGHT BE INITIATED IN FUTURE," HE SAID.
MR MACLEOD SAID THIS INVESTIGATION UNDERLINED THE GOVERNMENT'S DETERMINATION TO EXPOSE THE FACTS BEHIND ANY APPARENT MALPRACTICES IN THE FINANCIAL MARKET IN ORDER TO MAINTAIN ITS INTEGRITY AND ΤΟ ENABLE CONCERNED PARTIES TO TAKE APPROPRIATE ACTION.
"THIS ACTION WILL ENHANCE CONFIDENCE THAT WE ARE SERIOUS ABOUT SAFEGUARDING THE INTEREST OF THE INVESTING PUBLIC," HE SAID.
THE INSPECTOR, MR NICHOLAS ALLEN OF COOPERS AND LYBRAND, WAS APPOINTED UNDER SECTION 143(1) (C) OF THE COMPANIES ORDINANCE IN AUGUST LAST YEAR TO INVESTIGATE THE AFFAIRS OF THE ALLIED GROUP LIMITED AND FOUR RELATED COMPANIES.
A FURTHER APPOINTMENT WAS MADE IN OCTOBER TO EXTEND THE SCOPE OF THE INSPECTION TO ANOTHER 22 COMPANIES.
THE INSPECTOR SUBMITTED HIS REPORT TO THE FINANCIAL ON AUGUST 28 THIS YEAR.
/2
SECRETARY