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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: Roebear who wrote (12386)	5/14/2002 8:34:49 PM
From: Roebear	Respond to of 36161

Allied Deals Inc. 180 Centenial Ave. Piscataway New Jersey USA 08854 Tel: 732-885-5991 Fax: 732-885-1109 HAMPTON LANE (FZE) 06-5572613 06-5572614 General Trading RGB: observer.co.uk Rastogi arrested and bailed after RBG collapse Conal Walsh Sunday May 12, 2002 The Observer Viren Rastogi, the Indian-born multimillionaire frequently profiled in Britain's 'Asian rich list', has been arrested in connection with the collapse ADVERTISEMENT of his metals company, RBG Resources. The Observer can reveal that Rastogi was the unnamed RBG 'employee' apprehended last week in dawn raids by the Serious Fraud Office and the City of London police. He was later released without charge on police bail. Police and the SFO are investigating allegations of false accounting at RBG after the company was forced into liquidation by creditors earlier this month. A number of banks fear they may have lost up to $500 million lent to RBG. Some are understood to be Gulf-based banks but RBG's biggest creditor was WestLB, the German financial services company that is seeking to finance the development of Wembley Stadium. WestLB is thought to have an exposure to RBG of up to $200 million. The bank declined to comment yesterday. RBG Resources, primarily a metals and minerals producer, recorded sales of $1.1 billion in 2000. Concerns about the company, until recently known as Allied Deals, first surfaced after it was dropped in March by its auditor, PricewaterhouseCoopers, over concerns that its accounts might include non-existent transactions. Rastogi, 34, who lives in London and has an estimated personal fortune of £150m, began his career as a scrap metal merchant. Separately, he is thought to be under investigation for alleged customs and excise fraud in India. RBG Resources' parent company is registered in the British Virgin Islands and employs only a few people in Britain, against 1,400 in Romania and 1,200 in Bolivia. In 1998, it received a UK government grant of £25,000 to help buy a Romanian copper plant. Jack Cunningham, the former Labour cabinet minister, and Liberal Democrat peer Lord Holme, acted as advisers to RBG but severed links to the company last month. *** Web search on SAI Commodities showed links to India and some Islamic concerns, but inconclusive, possibly circumstantial...