GRE loans 'arranged with chief executive'
Monday 14 June 1993
Speaking yesterday on BBC2's The Money Programme, Vinodchandra Manubhai Patel said Mr Hopkins would help if he wanted a mortgage - 'I would say: 'Sid, I want half a million in a month or two, would you be able to arrange it?' If he had got the funding he would arrange it for us.'
As the Independent revealed in March, Mr Patel had a close relationship with GRE's senior managers, who used to attend the parties he threw for clients of his north London firm, Unique Insurance Services.
GRE lent pounds 80m to Mr Patel's companies and associates, who used the money to buy hotels and other property in the late 1980s boom.
GRE yesterday reiterated its position that Mr Hopkins' responsibilities in the 1980s never gave him the power to authorise loans and he had no say in the advances made to Mr Patel. A GRE spokesman suggested Mr Patel may have misunderstood the company's internal procedures.
Melvyn Langley, Unique's liquidator, told The Money Programme he would not be surprised to see losses on the loans arranged by Mr Patel running to pounds 50m or more.
Asked about the possibility of repaying GRE, Mr Patel said: 'At the moment I cannot forsee that. But in the future if I have the money I will be delighted to give it back to them.'
peopleContenders for Time magazine's Person of the Year are a mixture of the good, the bad and the holy
tvSteven Moffat reveals the actor was dying to take on the role of the Time Lord and says he is excited to see what he will do with the character
sportBayern Munich 2 Manchester City 3: City come from two down to beat reigning European Champions
newsAs the world remembers Mandela the hero, the prison where he spent 27 years seems all the more brutal
arts + ents... and a chance to paint Booker Prize winning author Hilary Mantel
danceUnder Tamara Rojo's inspired direction, it seems possible that it could challenge the dominance of the Royal Ballet. We meet some established names and rising stars
travelDiscover Uruguay's jet-set beach resort, an Atlantic enclave with plenty of art and culture to explore on the side
- 1 Mountain goats' miraculous escape from avalanche captured in dramatic video footage
- 2 Gurdwaras-turned-food banks: Sikh temples are catering for rise in Britain’s hungry
- 3 Kenyan politician Mike Sonko left red-faced after photoshopping himself next to Nelson Mandela
- 4 Government delays EU immigration report because it is too positive
- 5 'I'm experiencing austerity as well', says Princess Michael of Kent
- < Previous
- Next >
iJobs Money & Business
£45000 - £70000 per annum + Bonus + Benefits: Harrington Starr: Technical Impl...
£65000 - £90000 per annum + Bonus + Benefits: Harrington Starr: Rogue Trading ...
£35000 - £45000 per annum + BONUS + BENEFITS: Harrington Starr: A leading, Cit...
£40000 - £50000 per annum + benefits + bonus: Harrington Starr: Data Analyst -...