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NAF&G had no capital, say sources

June 17, 1994

Reinsurer North American Fidelity & Guarantee, which is being sued for $4 million in Bermuda, moved its operations from Bermuda to Belgium in 1993 not long after failing to comply with a request to show proof of its capital, we have been told.And some insurance observers believe the company, which offered property, marine, aviation and mortgage guarantee coverage and claimed to have capital of $100 million, may have actually had very few funds available to meet claims during the year it operated in Bermuda.

Bermuda AG accused of ‘negligence’ while partner with CD&P

May 12, 1994

A Canadian businessman who claims that alleged negligence on the part of Attorney General Walter Maddocks while he was a partner in Conyers, Dill & Pearman cost him CDN$528,000 has had his damages lawsuit against CD&P dismissed because he took too long to bring it.

NAF&G sued for $4 million

April 26, 1994

Reinsurer North American Fidelity & Guarantee is being sued for almost $4 million in Bermuda, where it operated for only about a year before moving to Belgium last October.A lawsuit has been filed against the company by Bermuda-based Raydon Underwriting Management Company, which operated from the same building in Hamilton.

Thomas Coughlin talks about scandal but not about missing money

April 7, 1994

Businessman Thomas Coughlin, who is being investigated by Bermuda police following a complaint that he may have misappropriated funds from a local firm, has broken his public silence since allegations were made against him.But he has refused to shed any light on what has happened to hundreds of thousands of dollars that has allegedly gone missing from a local property development firm that he ran.Mr Coughlin, who has failed to return several calls left by us, last week gave an interview to his local newspaper in Connecticut, the Middletown Press.

Tony Habib trial date postponed

March 29, 1994

The trial of Bermuda company boss Tony Habib, which was originally due to have been held on March 21, has been postponed because of additional time required by US investigators to gather information locally.

Beinhocker and Plunkett firm faces winding-up

March 3, 1994

An application has been made to wind up Bermuda-based Windsor Investments, which is majority owned by beleaguered American businessmen Gilbert Beinhocker and Gregory Plunkett.Channel Islands-based Maydown Consultants, which filed the winding-up petition at Bermuda Supreme Court on Wednesday, claims the investment company owes it $375,000.

Oil, money and power – the watch-words of businessman John Deuss

February 18, 1994

Bermuda-based oil magnate John Deuss, 51, has lived a life that is remarkable even among the rich and famous. Since his first car dealership went bust in the 1960s, he has outwitted the Soviets, broken an oil embargo in South Africa, had his home fire-bombed by anti-apartheid protesters and helped clinch the world's largest oil deal. In the process, this self-made Dutchman has made billions of dollars. DAVID MARCHANT takes a look at his extraordinary career and asks: 'John Deuss - Hero or Villain?'

Bermuda police investigate Summit Development

February 3, 1994

Bermuda police are investigating an allegation that hundreds of thousands of dollars have gone missing from a local property development company.The cash has allegedly disappeared from The Summit Development Ltd, which built ten homes in Cut Road, St. George's, during the late 1980s.

Arnold Todd file to go to Bermuda AG

January 27, 1994

A police file on Arnold Todd and others allegedly involved in a multi-million dollar fraud ring will be sent to the Attorney-General's chambers early next month.But criminal charges are unlikely to be brought for several months, if they are brought at all, Acting Assistant Police Commissioner Superintendent Wayne Perinchief said last night.

Tony Habib company to go into liquidation

May 6, 1993

Financial Services Insurance, the Bermuda-based company whose chief executive was arrested on fraud charges last month, is to be placed in liquidation.

Portermains go into hiding

March 9, 1993

A Bermuda-based insurance company's president and his wife are thought to have gone into hiding after a Federal court in Dallas last week found them guilty of fraud.Neill and Florence Portermain were also found to have taken money from the company under false pretences and were ordered to pay a Bermudian liquidator $17.6 million in damages and interest.

David Thirkill speaks of relief after Bermuda court strikes out negligence action

November 25, 1992

Former Focus Insurance director David Thirkill is feeling "relieved and vindicated" in the wake of an Appeal Court decision striking out a $20 million civil action started against him by Focus liquidators.The liquidators began the action in the summer of 1990 when they sued Focus' directors and officers for willful negligence and breach of fiduciary duty.The Appeal Court decision, handed down on Monday, overturns a ruling by Chief Justice Sir James Astwood who this year refused to dismiss the suit, ruling that it contained assertions which, if proved at trial, would show the directors deliberately disregarded their duties.