Taxpayer repaid 23 years after Barlow Clowes affair
Taxpayer repaid 23 years after Barlow Clowes affair - Business News, Business - The Independent: "The taxpayer has finally been paid back the millions of pounds spent compensating victims of the collapsed investment broker Barlow Clowes.
The company, led by the flamboyant financier Peter Clowes, collapsed in 1988, leaving thousands of its investors out of pocket. It was one of the first big scandals to hit Britain's new system of financial regulation.
More than £150m was spent on ex gratia compensation payments after a report by the Parliamentary Commissioner for Administration, published in 1989, sharply criticised the Department of Trade and Industry for its mishandling of the affair.
However, following a ruling by the supreme court of Gibraltar, cash held in a variety of offshore portfolios was released, enabling the recovery of £120m for the Government and £36m which has been repaid to investors.
The company, led by the flamboyant financier Peter Clowes, collapsed in 1988, leaving thousands of its investors out of pocket. It was one of the first big scandals to hit Britain's new system of financial regulation.
More than £150m was spent on ex gratia compensation payments after a report by the Parliamentary Commissioner for Administration, published in 1989, sharply criticised the Department of Trade and Industry for its mishandling of the affair.
However, following a ruling by the supreme court of Gibraltar, cash held in a variety of offshore portfolios was released, enabling the recovery of £120m for the Government and £36m which has been repaid to investors.
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