Twenty years after Guinness, Parnes junior brokers Far East deal

The son of one of the key figures jailed in the Guinness share rigging scandal of the 1980s has just pulled off his first key City deal.

Michael Parnes, 26, runs corporate finance boutique Old Park Lane Capital, which brokered a deal announced today in which AIM-listed RC Group is paying up to £4.6 million for stakes in two Far Eastern IT companies.

His father is Anthony Parnes, who used to be known in City circles as The Animal, and who was convicted and jailed along with three other defendants for his part in the illegal share support operation mounted to support the £2.8 billion acquisition by Guinness of drinks group Distillers.

Michael Parnes – who appeared perfectly happy to talk to Citywire – said 'I am very proud of my dad. It toughens you up. What happened to him was awful. But he is back working in property and still commands respect from people in the City. He works just down the road from my office and has been of tremendous help to me.'

Parnes worked as a broker at Corporate Synergy before branching out on his own. 'I introduced RC Group to Corporate Synergy to get this deal off the ground. I shortly hope to be fully licensed myself to enable me to arrange fund raising for future deals. Approval should come through in the next couple of weeks.'

One early deal could be either a fund raising or a listing of Gerald Ratner's online jewellery business. Ratner, who is Parnes' uncle, used to run the high street jewellery chain of the same name before famously making an indiscreet remark about one of his products, forcing his eventual departure from the business.

In a press release describing Old Park Lane Capital, Parnes says it will waive fees in exchange for taking a stake in the companies it assists.

Hong Kong based RC (RCG) develops biometric equipment – automated methods of recognising a person based on physical or behavioural characteristics.

It is acquiring 60% stakes in two companies involved in manufacturing IT equipment. Floated at 10p in July 2004 the shares are being placed at 68p to finance the deal.