Lord Pearson sold his PWS broker to THB but not fraud cost
Just elected UK Independence Party (UKIP) leader Lord Pearson of Rannoch, kept potential fraud liabilities in separate companies when he sold his Lloyd's broker, PWS, to the THB Group, the Guardian reports.
THB confirmed that all PWS potential legal liabilities had been excluded from the sale. The sale took place following the threat of lawsuits and the launch of an official investigation into allegations that PWS had bribed the then president of Costa Rica while overcharging it for its insurance premiums.
Company records show that possible legal liabilities have been left with two PWS "rump" companies, renamed Dovesale and Saledove. These are in liquidation and appear to have no funds available for future creditors.
The Guaridan’s investigative reporters analyse the allegations surrounding Lord Pearson.
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