In the Privy Council: Grant Adams v The Queen
| Date | 01 February 1996 |
| DOI | https://doi.org/10.1108/eb025742 |
| Pages | 381-383 |
| Published date | 01 February 1996 |
| Author | Iain Daniels |
| Subject Matter | Accounting & finance |
Journal of Financial Crime — Vol. 3 No. 4 — Company Fraud
COMPANY FRAUD
In the Privy Council: Grant Adams v The Queen1
lain Daniels
The defendant was a Director and Deputy Chair-
man of Equiticorp Holdings Ltd, a company based
in New Zealand. As part of the company's 'invest-
ment team', he was asked by the Chairman, Allan
Robert Hawkins, to set up a series of companies,
an overseas structure, through which transactions
could be conducted and the source of those trans-
actions be concealed. This was referred to as the
Yeoman Loop. In a series of five transactions it was
alleged the defendant and the five other members
of the investment team used this Loop to disguise
or conceal from the company transactions whereby
money was passed through it being converted in
most cases into different currencies and finally, in
all but one occasion being paid out to the invest-
ment team themselves through the company's sol-
icitors. One of those transactions related to shares
in Keady Ltd belonging to EIHK, a subsidiary of
EHL, which were, after passing through the Loop,
transferred to the conspirators and in part sold
back to EHL. The trading of those shares was
commented upon at a Board meeting of EHL in
Page 381
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