| UK. DTI investigates Edwards companies; Administrator says "No conflict of interest" |
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| Thursday, 08 September 2005 | |
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Marian Martin BYM News has learned that the Department of Trade and Industry, whose Companies Investigation Branch has been looking into the affairs of Maiden Ocean Racing Qatar Ltd, which is in liquidation, is considering further stages of investigation. The DTI is considering any connection between Maiden Ocean Racing Qatar Ltd and Quest International Sports Events Ltd, which is in Administration. Companies Investigation Branch is part of the regulatory arm of the Department of Trade and Industry. Under the Companies Act its has the power to investigate companies. Its investigations are usually confidential, but it sometimes publishes reports resulting from investigations by inspectors appointed by the Secretary of State for Trade and Industry. Inspections of this nature are, normally, only carried out where the company involved is a major plc, or the matters that are subject to enquiry are of significant public interest. BYM has been told that the DTI is considering a public interest investigation in the case of the Edwards companies, but has not yet been able to confirm this. A number of people have pointed out to BYM that insolvency specialist David Buchler, a former partner in Kroll, Buchler, Philips, was a personal friend of Tracy Edwards and had been assisting her with the restructuring of her debts during the period leading up to the Oryx Cup. Kroll, Buchler Phillips became Kroll Ltd, which is the Administrator for Quest International Sperts Events Ltd, therefore the question "Is there a conflict of interest?" has been asked. BYM News put this to Kroll Ltd and a spokesman replied "There is no conflict whatsoever in the role undertaken in the Administration of Quest International Sports Events Limited by the Administrators. Any friendship between David Buchler, a former partner at the Administrators' firm, and Ms Edwards is completely irrelevant, as he left to set up his own business more than two years ago." Related articles Tracy Edwards: "much has been destroyed by this" says Bruno Peyron DTI investigates Edwards companies; Administrator says "No conflict of interest" Those with pending court cases against Quest should register claim "Who owes the prize money?" "Who owns the boat?" asks Larsen; Bullimore won't talk "Yachtswoman Tracy Edwards declared bankrupt, debts could be £8 million |
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| Last Updated ( Friday, 09 September 2005 ) |
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