A regular look at the world of business, compiled by INSIDER DEALER Hunt the organ NISSAN UK managing director Michael Hunt copped eight years in the slammer last week for his role in Britain's biggest-ever tax dodge, which ripped off the Inland Revenue by at least £97 million.
This sort of thing makes even my income tax returns look honest.
The real mastermind behind the scheme, Octav Botnar, has legged it to Switzerland after bunging the Tories a chickenfeed £1 million. I don't suppose he's any more likely to The scam worked like this. Nissan UK directors bumped up the supposed treight charges on the cars they imported into Britain by 40 per cent, paying out on ialse invoices submitted by their buddies at a Norwegian shipping agent, and offset the money against corperation tax. The difference was then laundered through banks in Bermuda and Switzerland. Revenue only want £30 million back. So even after f2 million court costs, he is still f23 mil lion to the good. In the unlikely event of Hunt doing all his porridge, that's £3 million a year, which is even more than make.
Hunt, incidentally, used a small fraction of the dough to install a Wurlitzer cinema organ in his West Sussex home. which at the touch of button would rise through the living room floor. Personally, I make do with a decent hi-fi instead. A double-glazing boss who gave the Conservative Party €25,000 is now facing Serious Fraud Office charges on two counts of intent to defraud customers.
John Morris was head of Therm-a-Stor, which went bust in 1990 owing E14 million, and a personal mate of Maggie. Our glorious prime minister even opened a 1actory in Peterborough for him ten years ago.
Morris is now on bail of £250,000 until his trial begins in Birmingham in September. I hope SFO are checking the bookings at both Cyprus Airways and Swissair. Du Canned THIS WEEK'S rich-Tory-downon-his-luck slot features Sir Edward du Cann, former called a meeting of his creditors last month, offering to repay his debts at 40p in the pound in a bid to stave off personal bankruptcy. ager on the Channel Tunnel, will be spending two years as a guest of Her Maj after taking £250,000 in bribes for passing on comaemai do tails of pipework contracts to two so-called 'information brokers'.
Information brokers are 'self-employed traders in details about pending contracts. Basically, they find out what your competitor has bid for the work, and sell you the inside dirt or codles of spondulicks, enabling you to undercut the offer. And how do they find out what your competitor bid for the work? Best you don't ask, squire.
SOCIALIST OUTLOOK No. 46, July 10 1993. Page 4
Tunnelling out? THOMAS EAST, a project man-