Accused 'didn't care about pensioners'

The Maxwell Trial; Day 107


Financial Correspondent

The three accused in the Maxwell trial "didn't care tuppence about the pensioners' interests" when they pledged pounds 22m worth of shares as security for a loan.

"All they cared about was saving the Maxwell empire, their position and their jobs," Alan Suckling QC, prosecuting, claimed on the second day of his final speech in the trial of Kevin Maxwell, his brother, Ian, and former Maxwell financial adviser Larry Trachtenberg.

Mr Suckling described as "laughable" Kevin's evidence that he thought the shares in the Israeli company, Teva, belonged to the Robert Maxwell Group.

Kevin told the court that, in his last meeting with his father before his mystery death at sea, the tycoon told him that the ownership of the shares had been transferred from Bishopsgate Investment Management, which administered the pension funds, to Robert Maxwell Group.

Mr Suckling alleged Kevin knew quite well the shares really belonged to the pension fund and that he had put them at dishonest risk by pledging them as security for a loan in the days after his father's death.

By that time he knew the group was in a perilous financial state and "that there was at least the prospect of default and the shares being swallowed up and never coming back again must have been obvious".

Mr Suckling reminded the jury that, according to Kevin when he gave evidence, 14 witnesses from the Maxwell Group and from banks had not been telling the truth.

"There is a story of a proud mother watching her son at a Scout troop meeting and turning to her neighbour and saying, 'Look at that, my son is the only one in step'."

Mr Suckling asked the jury: "Is that the position here, or is the position you have not been told the truth by Kevin Maxwell? We suggest he has not told you the truth and that he knew, knew quite well, what he was doing and that it was dishonest."

The three accused deny conspiracy to defraud the pension funds by misusing the Teva shares and dishonestly putting them at risk.

Kevin alone denies a similar charge of conspiring with his late father to defraud the pension funds by misusing pounds 100m worth of Scitex shares.

The trial was adjourned until Friday.

Start your day with The Independent, sign up for daily news emails
ebooksAn unforgettable anthology of contemporary reportage
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Digital Optimisation Executive - Marketing

£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...

Recruitment Genius: Financial Reporting Manager

£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...

Recruitment Genius: Payments Operations Assistant

£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...

Recruitment Genius: Telephone Debt Negotiator

£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...

Day In a Page

Sepp Blatter resignation: The beginning of Fifa's long road to reform?

Does Blatter's departure mean Fifa will automatically clean up its act?

Don't bet on it, says Tom Peck
Charles Kennedy: The baby of the House who grew into a Lib Dem giant

The baby of the House who grew into a Lib Dem giant

Charles Kennedy was consistently a man of the centre-left, dedicated to social justice, but was also a champion of liberty and an opponent of the nanny-state, says Baroness Williams
Syria civil war: The harrowing testament of a five-year-old victim of this endless conflict

The harrowing testament of a five-year-old victim of Syria's endless civil war

Sahar Qanbar lost her mother and brother as civilians and government soldiers fought side by side after being surrounded by brutal Islamist fighters. Robert Fisk visited her
The future of songwriting: How streaming is changing everything we know about making music

The future of songwriting

How streaming is changing everything we know about making music
William Shemin and Henry Johnson: Jewish and black soldiers receive World War I Medal of Honor amid claims of discrimination

Recognition at long last

Jewish and black soldiers who fought in WWI finally receive medals after claims of discrimination
Beating obesity: The new pacemaker which helps over-eaters

Beating obesity

The new pacemaker which helps over-eaters
9 best women's festival waterproofs

Ready for rain: 9 best women's festival waterproofs

These are the macs to keep your denim dry and your hair frizz-free(ish)
Cycling World Hour Record: Nervous Sir Bradley Wiggins ready for pain as he prepares to go distance

Wiggins worried

Nervous Sir Bradley ready for pain as he prepares to attempt cycling's World Hour Record
Liverpool close in on Milner signing

Liverpool close in on Milner signing

Reds baulk at Christian Benteke £32.5m release clause
On your feet! Spending at least two hours a day standing reduces the risk of heart attacks, cancer and diabetes, according to new research

On your feet!

Spending half the day standing 'reduces risk of heart attacks and cancer'
With scores of surgeries closing, what hope is there for the David Cameron's promise of 5,000 more GPs and a 24/7 NHS?

The big NHS question

Why are there so few new GPs when so many want to study medicine?
Big knickers are back: Thongs ain't what they used to be

Thongs ain't what they used to be

Big knickers are back
Thurston Moore interview

Thurston Moore interview

On living in London, Sonic Youth and musical memoirs
In full bloom

In full bloom

Floral print womenswear
From leading man to Elephant Man, Bradley Cooper is terrific

From leading man to Elephant Man

Bradley Cooper is terrific