Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Fiba Nordic founder leaves the board

Tuesday 15 October 1996 23:02 BST
Comments

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

Erik Langaker, one of the founders of Fiba Nordic, the broking firm linked with disgraced Morgan Grenfell fund manager Peter Young, is leaving the firm's board and stepping down as head of corporate finance, writes Jill Treanor.

His departure came as Deutsche Morgan Grenfell prepared to announce the departure today of four senior executives from its asset management arm.

Stephen Chance, managing director of Fiba Nordic, said Mr Langaker would continue to work with the firm as a consultant but said Fiba was scaling back its corporate finance activities in the UK and will concentrate on stock broking.

Fiba arranged a share placing for Solv-Ex, a US oil exploration firm which was being investigated by the US authorities. When the Securities and Futures Authority learnt of this it launched an informal inquiry which eventually led to Morgan Grenfell unravelling a maze of Luxembourg holding companies set up by Mr Young to hide the extent of his investments in high technology firms.

The chief executive of Morgan Grenfell Asset Management, Keith Percy, is expected to be replaced by Robert Smith. Glyn Owen, chief investment officer for Europe, Graham Kane, chief executive of Morgan Grenfell Unit Trusts, and Michael Wheatley, compliance director, are also expected to stand down.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in