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Cheshire sues Dunlop Haywards over commercial fraud claims

The Cheshire is suing chartered surveyors, Dunlop Haywards, for £9m following an investigation into alleged fraud by the company’s former head of valuations Ian McGarry.

The writ follows a £50,000 investigation into “extreme inconsistencies” in a commercial valuation made by Ian McGarry – nicknamed “Flash McGarry” – who was arrested and released by police last March.

An investigation by the Serious Fraud Office is ongoing, but no charges have yet been brought, although McGarry remains suspended on full pay following an internal investigation.

The case involved a property near Birmingham, for which McGarry gave vastly different valuations between 2004 and 2005, ranging from £4.5m and £10.5m.

Dunlop Haywards, owned by Erinaceous, which is listed on the Alternative Investment Market, faces claims totalling £35m for alleged frauds.

Nationwide also launched a £26m claim last October, for further transactions involving McGarry.

Erinaceous has made a £4.2m provision for the claims but hopes for any further costs to be met by insurance.

Cheshire confirms that it has issued a claim in excess of £9m in the High Court against two firms which acted for it in connection with a property transaction.

The claim arises out of a loan made to Goldgrade Properties, which subsequently defaulted on the loan.

Cheshire is claiming damages, loss of interest and costs against Dunlop Haywards Limited and Cobbetts Solicitors.


Spinnaka appointment

Darrell Scholes has joined surveying firm Spinnaka’s management team. Previously he was head of corporate relationships at Ashdown Lyons and spent seven years as a board director with All Types of Mortgages. His responsibilities will include managing Spinnaka’s client relations team.

Beacon appoints sales director

Beacon Homeloans has appointed Clive Willson as sales director.The sub-prime lender has also appointed Beverley Morris as head of sales.Andrew Townsend, group managing director at Beacon, says: I am delighted to announce Clive and Bevs appointments to these roles within Beacon Homeloans. They have both contributed enormously to the development of Beacon Homeloans, and am […]

WAY warns on IHT rules abroad

Confusion surrounding Inheritance Tax rules in France and Spain could disadvantage thousands of expatriate Britons living in these destinations, warns WAY Group.As the number of Britons taking up residence in Spain and France soared to a total of 961,000 by the end of 2006.Paul Wilcox, chairman at WAY Group, says: Up until quite recently we […]

Ensure your clients’ parachutes work

It’s conference season – always a great opportunity to get feedback from financial advisers. Over the past few weeks, I’ve spoken at a couple of events about important improvements in clarity resulting from the Association of British Insurance’s statement of best practice for critical illness cover which came into effect at the end of last month.

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