'Maxwells were ready to sell pension shares'
The Maxwell Trial; Day 59
Wednesday 13 September 1995
Shares in Teva and Scitex belonged to the Maxwell group's pension fund company, Bishopsgate Investment Management (BIM), and were to be sold as soon as the time was right, said Anders Bergendahl of US investment bank Merrill Lynch.
His company was to handle the sales for the Maxwells, but by the beginning of October 1991 - one month before Robert Maxwell's death - complications had arisen and it appeared to Merrill Lynch that the Maxwells were beginning to prefer Lehman Brothers to handle the sales.
Asked if Robert and Kevin Maxwell represented themselves to Merrill Lynch as the owners of the Teva and Scitex shares, Mr Bergendahl replied: "Well, let's put it this way: that they had at least the control over the ownership of the shares."
The question of the name in which the shares were registered had not arisen in his discussions with the two men. At the time of his talks that was not at issue.
He said that he had also discussed with Kevin the possibility of selling off a 20 per cent interest in Maxwell Communications Corporation for up to pounds 300m. The problem was that such a sale would take the family holding in MCC to less than 51 per cent. Kevin told him he was prepared to see the stake fall below that level but he indicated he would have to discuss the matter with his father.
Mr Jeff Highfield, formerly employed in an accountancy capacity by BIM, and who gave evidence on Monday, returned to the witness box after reading a number of documents at the request of Alun Jones, defending Kevin Maxwell.
He agreed with Mr Jones that while he was with BIM there had been a history of trade between the Maxwell companies and the pension funds. Those transactions had always been, to the best of his knowledge, fully settled by 5 April 1990.
They had also been examined as part of the audit by Coopers & Lybrand, which had accepted that the settlement had been properly effected and the assets properly transferred.
He had "drawn comfort" from the fact that it was easier to obtain information about the movement of shares if it was within the same organisation.
Kevin, his brother Ian, and former Maxwell aide Larry Trachtenberg all deny conspiracy to defraud the pension fund by misuse of its investments in Teva shares.
Kevin alone also denies conspiracy with his father over misuse of the pension funds' pounds 100m investments in Scitex.
The trial was adjourned to today.
- 1 Cyclist who knocked down three-year-old girl says his life has been 'destroyed'
- 2 A politically correct lefty goes to see Top Gear live – you'll probably believe what happened next
- 3 Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
- 4 Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
- 5 Snoop Dogg on why he doesn't regret displaying misogyny towards women
Cyclist who knocked down three-year-old girl says his life has been 'destroyed'
Woman accidentally shoots herself in the head while posing for a selfie
How China's richest man Li Hejun lost $15bn in an hour - and made a fortune
Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Snoop Dogg on why he doesn't regret displaying misogyny towards women
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...