Submitted on Friday 5th August 2011
Published on Tuesday 13th September 2011
Current status: Closed
Closed: Tuesday 13th December 2011
Signatures: 6
Tagged with
Council ~ Lloyd ~ Parliament ~ Tax
Insurance giant which ruined thousands must apologise
The Lloyd's of London insurance market was shown in the High Court to have ruined tens of thousands of investors as a result of its own failings and incompetence.
15 committed suicide
Lloyd's misled Parliament to gain the 1982 Lloyd's Act giving it immunity from prosecution.
Knowledge of impending massive losses was concealed while thousands of new investors were recruited.
A false claim was made regarding an accounting system and audit which didn't exist.
Since all possible candidates for Chairman on the Council of Lloyd's were being investigated for tax fraud an outsider was installed.
An Executive took a lengthy statement to the Serious Fraud Office urging the prosecution of 60 market insiders; he was told that a successful prosecution would never succeed because corruption in the market was so widespread.
I ask the Department to censure Lloyd's of London and urge it to apologise; and write to off the charges on the homes of Hardship Names.
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