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Ernest Saunders

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BUSINESS
January 15, 1987
The British brewing giant which is involved in a stock trading scandal, said two other Guinness directors, who are associates of Saunders, were asked to resign. They are Thomas Ward, an American lawyer, and Arthur Fuerer, chairman of Bank Leu AG of Switzerland. The latest actions, which came during an emergency meeting of Guinness' remaining directors, followed new allegations that Guinness set up a $300-million fund to illegally support its $3.8-billion acquisition of Distillers Co. Ltd.
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BUSINESS
July 1, 1991 | From Times Staff and Wire Reports
Former Guinness Chairman on Parole: Ernest Saunders was released after serving 10 months of a five-year sentence for fraud, theft and false accounting. Saunders, 55, who has had health problems, had been moved from Ford Open Prison to a private hospital. Saunders was convicted in August of fraud, theft and false accounting for his part in an illegal share support operation during the company's $4.1-billion takeover of the Distillers Co. liquor firm in 1986.
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BUSINESS
August 27, 1990 | From Associated Press
Former Guinness PLC Chairman and Chief Executive Ernest Saunders and three co-defendants were found guilty today on 19 of 20 counts of misconduct in connection with the 1986 takeover of a Scottish distiller. The jury at Southwark Crown Court, which deliberated for nearly a week, convicted Saunders, 54, on two charges of conspiracy to contravene the Prevention of Fraud (Investments) Act, eight charges of false accounting and two charges of theft.
BUSINESS
July 1, 1991 | From Times Staff and Wire Reports
Former Guinness Chairman on Parole: Ernest Saunders was released after serving 10 months of a five-year sentence for fraud, theft and false accounting. Saunders, 55, who has had health problems, had been moved from Ford Open Prison to a private hospital. Saunders was convicted in August of fraud, theft and false accounting for his part in an illegal share support operation during the company's $4.1-billion takeover of the Distillers Co. liquor firm in 1986.
BUSINESS
May 13, 1987
Ernest Saunders, who will be allowed to remain free for another eight weeks, said he was "incensed at the allegations of dishonesty and wrongdoing made against me," and vowed: "Those who are responsible for my current situation will be exposed." Saunders, 51, faces charges of obstructing justice and destroying documents. He was fired in January as chairman and chief executive of the giant British brewer for his alleged role in a takeover scandal.
BUSINESS
August 31, 1990 | From Associated Press
Four businessmen convicted in Britain's biggest financial scandal in decades shared a fatal flaw with some white-collar lawbreakers in America: They knew Ivan F. Boesky. Boesky is the former arbitrager whose alleged lawbreaking set new standards for Wall Street corruption. He reportedly told U.S. authorities about alleged illegal action at Guinness PLC after his 1986 arrest.
BUSINESS
January 22, 1986
Financial analysts said a merger agreement between Arthur Guinness & Sons and Distillers Co. would create a company controlling nearly 40% of the British market for Scotch whisky and could face stiff challenges from Britain's antitrust agency, the Monopolies and Mergers Commission. Ernest Saunders, Guinness' chief executive, discounted the possibility of an antitrust review. Guinness announced an agreement Monday to acquire Distillers for about $3.21 billion at current exchange rates.
BUSINESS
August 31, 1990 | From Associated Press
Four businessmen convicted in Britain's biggest financial scandal in decades shared a fatal flaw with some white-collar lawbreakers in America: They knew Ivan F. Boesky. Boesky is the former arbitrager whose alleged lawbreaking set new standards for Wall Street corruption. He reportedly told U.S. authorities about alleged illegal action at Guinness PLC after his 1986 arrest.
BUSINESS
August 27, 1990 | From Associated Press
Former Guinness PLC Chairman and Chief Executive Ernest Saunders and three co-defendants were found guilty today on 19 of 20 counts of misconduct in connection with the 1986 takeover of a Scottish distiller. The jury at Southwark Crown Court, which deliberated for nearly a week, convicted Saunders, 54, on two charges of conspiracy to contravene the Prevention of Fraud (Investments) Act, eight charges of false accounting and two charges of theft.
BUSINESS
May 13, 1987
Ernest Saunders, who will be allowed to remain free for another eight weeks, said he was "incensed at the allegations of dishonesty and wrongdoing made against me," and vowed: "Those who are responsible for my current situation will be exposed." Saunders, 51, faces charges of obstructing justice and destroying documents. He was fired in January as chairman and chief executive of the giant British brewer for his alleged role in a takeover scandal.
BUSINESS
January 15, 1987
The British brewing giant which is involved in a stock trading scandal, said two other Guinness directors, who are associates of Saunders, were asked to resign. They are Thomas Ward, an American lawyer, and Arthur Fuerer, chairman of Bank Leu AG of Switzerland. The latest actions, which came during an emergency meeting of Guinness' remaining directors, followed new allegations that Guinness set up a $300-million fund to illegally support its $3.8-billion acquisition of Distillers Co. Ltd.
BUSINESS
February 19, 1987
Guinness PLC, the Anglo-Irish brewer at the center of London's worst financial scandal in years, named Anthony Tennant, 56, chief executive to replace Ernest Saunders, who was fired last month. Tennant resigned his post as head of the brewing, retailing, wine and spirits division of Grand Metropolitan PLC, a food, beverage and hotel group, to join Guinness. Saunders, 51, masterminded Guinness's $4.1-billion takeover of Distillers Co.
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