Crown alleges £100m was cut from value of reinsurance contracts
The Crown continued its prosecution this afternoon, focusing on Independent’s reinsurance arrangements and various amendments to contracts which were allegedly made by Mr Bright and Mr Lomas but withheld from the board, writes David Worsfold . Mr Baillie claimed these accounted for £100m of the total £250m fraud the Crown Prosecution Service is alleging the three defendants are responsible for.
A range of new reinsurance contracts were negotiated during 2000 and early 2001, mainly to cover the mounting losses on the London Market general liability account, Mr Baillie said. These contracts
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