Post by Admin on Oct 20, 2013 16:53:34 GMT
Former Tory chancellor Norman Lamont is joining the board of controversial online advertising group Phorm after a boardroom power struggle that led to the ousting of its chairman and three other directors.
Phorm has infuriated internet privacy activists who fear its targeted online advertising platform, which is currently being tested by BT, could be turned into an online big brother, snooping on users' activities.
RAB set to delist as assets evaporate
RAB Capital, the hedge fund that was the toast of London’s financial community in the boom, is poised to delist from the UK’s junior market amid a crippling wave of redemption requests from investors.
Founded on April 1 1999, RAB grew rapidly thanks to the returns racked up by its founder Philip Richards and the connections of his partner, Michael Alen-Buckley, brother-in-law of hotelier Rocco Forte.
Prominent backers of RAB, which counts former chancellor Norman Lamont among its directors, included Britain’s richest man, Lakshmi Mittal, who invested $200m in the firm’s flagship Special Situations fund in 2006.
A British company, Balli Aviation, which is a unit of Balli Group plc where former Chancellor Norman Lamont is non-executive director, pleaded guilty to exporting Boeing 747 aircraft to Iran in contravention of a US trade embargo.
Balli Aviation, part of London based commodities trading and finance company Balli Group, agreed to pay $15m in fines.
A Russian whistleblower called Alexander Perepilichny died suddenly in Surrey late 2012. Perepilichny had been providing evidence to a Swiss investigation into a Russian money-laundering scheme that was alleged to have stolen $230m from a UK Hedge Fund called Hermitage Capital.
Hermitage Capital employed a Russian investigator/lawyer called Sergei Magnitsky, who was subsequently jailed and died in 2009 in custody. The Magnitsky affair.
In total, four people linked to the case have died prematurely.
Norman Lamont is on the board of Hermitage Capital;
Phorm has infuriated internet privacy activists who fear its targeted online advertising platform, which is currently being tested by BT, could be turned into an online big brother, snooping on users' activities.
RAB set to delist as assets evaporate
RAB Capital, the hedge fund that was the toast of London’s financial community in the boom, is poised to delist from the UK’s junior market amid a crippling wave of redemption requests from investors.
Founded on April 1 1999, RAB grew rapidly thanks to the returns racked up by its founder Philip Richards and the connections of his partner, Michael Alen-Buckley, brother-in-law of hotelier Rocco Forte.
Prominent backers of RAB, which counts former chancellor Norman Lamont among its directors, included Britain’s richest man, Lakshmi Mittal, who invested $200m in the firm’s flagship Special Situations fund in 2006.
A British company, Balli Aviation, which is a unit of Balli Group plc where former Chancellor Norman Lamont is non-executive director, pleaded guilty to exporting Boeing 747 aircraft to Iran in contravention of a US trade embargo.
Balli Aviation, part of London based commodities trading and finance company Balli Group, agreed to pay $15m in fines.
A Russian whistleblower called Alexander Perepilichny died suddenly in Surrey late 2012. Perepilichny had been providing evidence to a Swiss investigation into a Russian money-laundering scheme that was alleged to have stolen $230m from a UK Hedge Fund called Hermitage Capital.
Hermitage Capital employed a Russian investigator/lawyer called Sergei Magnitsky, who was subsequently jailed and died in 2009 in custody. The Magnitsky affair.
In total, four people linked to the case have died prematurely.
Norman Lamont is on the board of Hermitage Capital;