CURRENT STATUS: CROWN AGENTS

Crown Agents for Overseas Governments , the holding company and its shares were transferred to a foundation in 1996 and privatised.

(Note Judicial review granted by the Appellate Review Board of Bureau of Public Debt was granted on 17 November 1994 and expired 17 November 1996 - Patrick Kelly advised me that there is a great sigh of relief in the Crown!)

Company records indicate that the Crown Agents went to great lengths to disguise and bury their darkest years between 1969 and 1975 as did the CIA.

I am of the opinion that when they uncovered what happened with David Green and Four Millbank Nominees they established a company called “Great Peter Nominees” to acquire the shares of Four Millbank Nominees. The Memorandum of Articles of Four Millbank Nominees provided for this company to act as an agent only and not to hold any assets on behalf of its clients. The Memorandum of Articles of Great Peter Nominees are extremely similar to those of Four Millbank Nominees, only that this company could hold or manage assets or securities.

This company was formed in 1977 but only acquired the shares of Four Millbank Nominees in 1991 by special resolution, as the Crown Agents had ceased trading by that stage and were not obliged to submit reports to their auditors. (Note - Michele Sindona was referred to as the “Vatican’s Banker” or “St Peter’s Banker” - Great Peter Nominees??)

“All in all it was quiet a financial scandal and one of great embarrassment to all concerned.” Sir John Cukney swept the skeletons out of the Crown Agents cupboard.

Cukney, a one time Lazard’s Director, cut his connections with the Anglo Eastern Bank after he became a temporary civil servant at the Property Services Agency to work for the Crown Agents. He later became a director with Thomas Cook (see HSBC file). A secret network of power brokers controlling the supply of British Aid, Trade and Arms to overseas companies has operated like an alternative government since the early 1980’s. The investigation by the Independent, 16 March 1994 details directors and members of this exclusive White Hall Club.

Sir John Cuckney and the White Hall Club

In addition to aid, many other contracts are supported by soft loans and underwriting facilities from the _Export Credit Guarantee Department. _

(British equivalent of the Import-Export Bank). Under export guarantee finance, the British taxpayer is left to pick up the bill if the overseas customer defaults on payment. Four organisations where at the heart of the trade, arms supply program namely:

1. International Military Services (Shares wholly owned by the Secretary of State for Defence)

2. Defence Exports Services Organisation (an MOD department partly staffed by executives seconded from industry)

3. The British Overseas Trade Board

4. The Overseas Projects Board (Department of Trade and Industry – members drawn from civil service and commerce)

The first two help British defence contractors to win export order; the last two help formulate and direct overseas aid policy on large construction projects.

A striking pattern of links has emerged from an analysis of the membership and activities of these groups. Throughout the 1980’s and early 1990’s, members of the Overseas Trade Board and the Overseas Projects Board were drawn from a small number of companies. International Military Services (IMS) ceased trading in 1991 and was wound down (See Crown Agents file for Overseas Governments and Organisation restructure).

Originally Millbank Technical Services , it was set up in 1974 to work with the Crown Agents. The Chairman of IMS from 1974 to 1985 was Sir John Cuckney, who was also chairman of the Crown Agents and also served in the MI5. Sir John has held a collection of key posts at the heart of arms, aid and trade world. Midland Bank , where he was deputy chairman from 1978 – 1988, had a special unit for financing arms sales, Midland International Trade Services , which had regular contacts with the Ministry of Defence and the Export Credit Guarantee department. While head of IMS, Sir John was also chairman of Brooke Bond and Thomas Cook Group, deputy chairman of John Brown Engineering , deputy chairman of Royal Insurance Holdings and chairman of the International Chamber of Commerce. (See HSBC file)

Financial Times 1984 – The privatisation “option” for Crown Agents was backed by Morgan Grenfell. The report by Morgan Grenfell on the future of Crown Agents will not be published.

Financial Times 17 th November 1994 – The measure, announced in the Queen’s speech, marks a climb down from original plans for full-blown privatisation. Instead, the agency will be transferred to an independent foundation, limited by guarantee and with not government representatives on the board.

Financial Times June 7 th, 1995 – The privatisation bill will transfer the Crown Agents to a foundation with trustees appointed by the government. Labour fears the organisation could eventually be controlled by a multinational company with interests in the developing world. George Foulkes, shadow minister for the overseas development, said the bill was only conceived to satisfy right wing Conservative MP’s.