The Serious Fraud Office (SFO) has brought charges against three former Independent Insurance directors, following the collapse of the insurer in 2001.
Former company chairman and managing director Michael Bright; former deputy managing director and group director Philip Condon; and Dennis Lomas, former group finance director, have been charged with conspiracy to defraud.
They indicated pleas of not guilty.
The prosecution was brought following an investigation by the Serious Fraud Office, in conjunction with the City of London Police Economic Crime Department, into the affairs of Independent, which went into liquidation in June 2001.
The SFO said: “The charge is that between 1 January 1997 and 17 June 2001, contrary to common law, they conspired together and with others to defraud directors, employees, auditors, actuaries, re-insurers, shareholders, policyholders, creditors and others who had a legitimate interest in knowing the financial condition of Independent Insurance Company and the Independent Insurance Group by misleading them about the true extent of the liabilities of the said companies.”
The trio appeared in the City of London Magistrates' Court today.
The case has been transferred to Southwark Crown Court for a preliminary hearing on 24 March 2006.
The defendants are on conditional bail relating to residence and travel documents.
