Sebastian Coe unshaken
12/09/2007 |
 |
 |
London 2012 is to take no action against Channel 4 following Monday night's Dispatches programme, which made a number of allegations about the handling of the Olympic budget and Lord Coe's personal financial arrangements. Insiders believe the programme failed to land a killer punch on Coe in relation to his business dealings, though questions may not have been so easily deflected had he gone through with plans to publicly float one of his companies earlier this year.
The programme revealed that in 2005 Coe signed over his non-Olympic earnings for 40 years to an investment vehicle of which he is both the majority shareholder and the primary asset. Subsequently around £1m in outside investment was raised for the remaining shares in Complete Leisure Holdings. As recently as July the CLG executive director, Harold Tillman, said the company would soon be floated, a move that could have netted Coe a multimillion-pound profit. Perhaps wisely that plan appears to have been ditched.
(Source: Guardian.co.uk)
|
| Back |
|
|
|
|
 |
