Annex LL
Affidavit of Michael Stoney
IN
THE
MATTER
OF
TRANSFER
TECHNOLOGY
LIMITED
I, MICHAEL STONEY, of * * * MAKE OATH AND SAY as
follows:
1. I have been asked to swear this affidavit
to set out my recollection relating to payments to Mr Robinson
directly or indirectly from companies owned within the Maxwell
group. This affidavit is true to the best of my knowledge, information
and belief. I would point out that the events in question took
place between ten and nearly nine years ago, and inevitably my
recollection after such a passage of time is note complete.
2. In the period in question my official title
was Finance Director of Pergamon AGB and subsidiary companies.
I performed this function principally out of offices at Hanger
Lane in West London. In or around December 1990 I was effectively
seconded to work on the flotation of the Mirror Group. The reason
for this was because I had experience of public flotations. At
this time I therefore changed my base and began to work out of
one of the buildings in the Maxwell House complex in Holborn on
a full time basis.
3. From around 1987 Mr Robinson had worked as
the Chairman of two engineering companies controlled by Maxwell
interests. The two companies were A.L. Dunn & Co Limited ("Dunn")
and Coventry Apex Engineering Co Limited ("Apex"). Apex
and Dunn were owned by a company called Central & Sheerwood
Plc ("C&S"). Under Mr Robinson's direction the performance
of Apex and Dunn had been very good. By early December 1990 Mr
Robinson had not been remunerated in any way for his work within
Apex and Dunn. On 19 December 1990 the board of C&S voted
to award Mr Robinson a one off payment of £150,000. In addition
Mr Robinson's expenses, which amounted to approximately £20,000,
were also paid to Mr Robinson.
4. During the course of 1990 Transfer Technology
Limited (a company then almost wholly owned by Mr Robinson) carried
out certain work for Lock International Plc which at that time
was a company ultimately beneficially owned by Maxwell interests.
It was proposed that Transfer Technology Limited receive a management
fee of £200,000 in respect of this work (the "Management
Fee"). I was involved in the negotiations of the Management
Fee, and had approved the level of fee, subject to the ultimate
approval of Robert Maxwell.
5. I produce as MS1 a copy of an internal note
dated 26 November 1990 with attachment which I sent to Kevin Maxwell.
The attachment was a copy invoice which had been submitted by
Mr Robinson in respect of the Management Fee. On the right hand
side of the invoice I wrote "Approved MS 25/10/90" to
reflect Kevin Maxwell's approval of the invoice. The approval
was, however, still subject to final approval by Robert Maxwell.
In the middle at the bottom of the page I have written "Paid
by PAGB Recharge H Industries." I comment further on this
note below. Finally I confirm that the handwriting on the left
hand side of the invoice is that of Shirley Caddock, who was my
secretary at the time. I do not understand her note and have no
recollection of it.
6. Over the last eighteen months, when the issue
was first raised with me, I have thought very carefully over the
question of whether Mr Robinson received £200,000 directly
or indirectly.
7. My firm recollection is and has always been
that Mr Robinson only received one payment, the payment of £150,000
plus expenses from C&S, and that the Management Fee was never
in fact paid.
8. I do not recall writing on the invoice "Paid
by PAGB Recharge H Industries". I have tried to recollect
why I wrote this. It directly contradicts my memory, which is
that the Management Fee was not in fact paid. At this time I now
do not know what caused me to write this note. I understand that
a cheque for £200,000 was drawn on the Pergamon AGB Plc Bank
account in December 1990. The cheque was drawn from a different
series of cheques to the cheques drawn from the regular cheque
run at Hanger Lane. At this time I was extremely busy working
on the Mirror Group float. It is quite possible that someone from
the accounts department based at Hanger Lane contacted me in January
1991 i.e. after the month end, and asked who the £200,000
was paid to. Given the extremely hectic atmosphere, it may be
that I mistook the £200,000 payment out by Pergamon AGB Plc
to have been the money which was to be paid to Mr Robinson's services
within C&S, and that this caused me to write "paid"
on the invoice. This is a possibility, but at this point in time
I cannot now be certain.
Sworn by MICHAEL STONEY
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at 81, Alleyn Road, London
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SE21 8AD | )
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on the 8th day of November 1999
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Before me:
[Signed by Rodney Emmott, Solicitor]
A Solicitor/Commissioner for Oaths
Affidavit of Michael Stoney
IN
THE
MATTER
OF
TRANSFER
TECHNOLOGY
LIMITED
EXHIBIT
"MS1"
This is Exhibit "MS1" referred to in the
Affidavit of Michael Stoney sworn the 8th day of November 1999.
Before me,
[Signed by Rodney Emmott, Solicitor]
A Solicitor/Commissioner for Oaths
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