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GP Noble: 85% of missing £52m pension funds recovered
by William Robins on Nov 14, 2012 at 08:03
Trustees have recovered 85% of the £52 million in pension funds which were involved in the GP Noble scandal.
Independent Trustee Services (ITS) has recovered 85% of the £52 million which was transferred out of 24 pension schemes managed by GP Noble Trustees in 2006.
Former GP Noble owner and trustee Graham Pitcher was sentenced to eight years in prison in 2011 after being found guilty of the misuse of pension funds managed by GP Noble.
Gary Cordell, the former operations manager of GP Noble, who was tried alongside Pitcher, was acquitted of any criminal involvement.
In a separate case relating to the £52 million GP Noble fraud, The Money Portal founder Tony Morris was also acquitted.
Chris Martin, managing director of ITS said: 'This is excellent news and while there is not a lot of experience of pension fund frauds getting 85% back in any fraud it is good news. We were appointed in July 2008 so it has taken four years.
'The Pension Protection Fund [PPF] has met the pension payments of those whose schemes were affected but the good news is we can now repay the PPF. There are now just a couple of corners we need to round off.'
Law firm Taylor Wessing which aided ITS said it was still looking to recover the final 15%.
The money was spread throughout the world, meaning ITS had to recover funds from Switzerland, Australia, Thailand, Canada, Gibraltar, British Virgin Islands and Nevis.
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