The Serious Fraud Office has brought proceedings against three former directors of Independent Insurance. They appeared in the City of London Magistrates' Court today, charged with conspiracy to defraud.
The defendants are:
- Michael John Bright (born 10/08/44), former company chairman and managing director of Independent Insurance Company Limited and chief executive officer of Independent Insurance Group Plc
- Philip John Condon (born 27/05/49), former company deputy managing director and group director
- Dennis Lomas (born 04/11/50), former company and group finance director
The charge is that between 1 January 1997 and 17 June 2001, contrary to common law, they conspired together and with others to defraud directors, employees, auditors, actuaries, re-insurers, shareholders, policy holders, creditors and others who had a legitimate interest in knowing the financial condition of Independent Insurance Company Limited and the Independent Insurance Group Plc by misleading them about the true extent of the liabilities of the said companies.
The prosecution has been brought following an investigation by the Serious Fraud Office, in conjunction with the City of London Police Economic Crime Department, into the affairs of Independent Insurance which went into liquidation in June 2001.
Notes:
- The case has been transferred to Southwark Crown Court for a preliminary hearing on 24 March 2006. The defendants are on conditional bail relating to residence and travel documents.
- The investigation commenced in June 2001 following a referral by the Financial Services Authority.
Serious Fraud Office
Elm House,
10-16 Elm Street,
London WC1X 0BJ
Tel: +44 (0)20 7239 7001,
Fax 44 (0)20 7837 1173,
www.sfo.gov.uk
