THE LEVITT GROUP

That this House observes with grave concern the lack of action taken by the Department of Trade and Industry and regulatory bodies regarding the collapse of the Levitt Group; rejects as wholly unsatisfactory and complacent the action taken so far, particularly in the light of the fact that money received for investment purposes was being used to invest not in the funds agreed, but in other high risk, speculative ventures; is deeply concerned that despite evidence that investors were deceived by the use of existing policies with names tippexed out and new names inserted to simulate actual investment, Roger Levitt was using the profits made from illegal high risk investment to pay clients for cashed 'policies' which had never existed and pocketing the surplus, and that the auditors Stoy Hayward, who were the accountants for Polly Peck, were aware of the irregularities and have some link to the management of the Levitt Group, including the possibility that individuals received payments from the Levitt Group for introducing clients to them; and demands that the Minister holds urgent discussions with FIMBRA to tackle this matter with the vigour it deserves, particularly since this information causes serious concern about whether the 18,000 investors will receive full recompense.