2 Barlowe Clowes Firms Shut; Chief Silent on Funds
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LONDON — Financial investigators closed two Barlowe Clowes securities management companies that handled $325 million invested by 7,000 people, news reports said Thursday.
The Times of London said Peter Clowes, chairman of the parent company, refused to disclose the whereabouts of $249 million that investors put into Barlowe Clowes International, based in Gibraltar.
Investors of the other closed company, Britain-based Barlow Clowes Gilt Managers, will get their money back, said Malcolm London of accountants Cork Gully.
Specific allegations against the companies were not announced, but the Department of Trade and Industry began investigating the two firms last November “after concern about Barlow Clowes Gilt Managers,” a TV news report said.
It said action speeded up when the newly established, government-sponsored Securities Investment Board began to operate in London’s City financial district on April 29.
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