Cleared car-maker still keen

Press, 19 December 1986, Page 6

Cleared car-maker still keen

NZPA-Reuter Detroit The former car-making tycoon, John De Lorean, who was cleared yesterday of charges that he embezzled SUSB.S million ($l7 million) from investors in his bankrupt company, wants to get back in the business. “I still know an awful lot about the automobile business. I’d like to devote some part of my life to trying to help America become competitive again,” said Mr De Lorean, aged 61, after being acquitted of the fraud and racketeering charges. “Praise God,” the tall, silver-haired Mr De Lorean had exclaimed after the jury foreman repeated “not guilty” to each of the 15 counts. The jury of six women and six men deliberated for six days before reaching its verdict. Outside the courtroom, Mr De Lorean lashed out at prosecutors, accusing them of creating “a totally synthetic, fabricated scenario ... to try to deprive a man of his freedom.” “What kind of animal would do that?” he declared. But Mr De Lorean, a born again Christian, added: “I can’t even put into words the wonderful feeling. And, of course, as I said in court I really thank God for this. It gives me a chance to go back and start my life anew. I’ve been in turmoil for nearly five years.” It was the second cele-

brated court victory for Mr De Lorean. Two years ago he was acquitted of cocaine conspiracy charges in Los Angeles, in one of the most sensational trials of the decade. Mr De Lorean left a $1,300,000-a-year job at General Motors more than 12 years ago to found his own car firm. In the latest trial, which began on October 6, the prosecution accused him of stealing more than $l7 million from 140 United States investors through a complex scheme of money transfers involving European and American banks.

Mr De Lorean’s lawyers acknowledged that he had received the money, but said it was a legitimate loan from the late Colin Chapman, the founder of Group Lotus, the famed British car firm. The company did engineering on the gull-winged, stainless steel De Lorean sports car.

Mr De Lorean’s firm built the cars at a Northern Ireland factory that received more than $2OO million from the previous Labour Government in Britain. Mr De Lorean accused the present Prime Minister, Margaret Thatcher, of bringing about the demise of the company by reneging on business commitments.

“The British Government caused the failure of the De Lorean Motor Company,” he charged. Howard Weitzman, the California lawyer who also defended Mr De Lorean against the drug charges, accused the prosecution of concealing evidence and the news media of rushing to judgment.

As in the Los Angeles case, Mr De Lorean did not take the witness stand in his own defence. Mr Weitzman said calling him was unnecessary because the Government failed to prove its case beyond a reasonable doubt. Mr De Lorean still faces $2OO million in civil claims from creditors, including the British Government, which has tied up $4O million in his personal assets.

Mr De Lorean, who faced a maximum penalty of 87 years in jail and $164,000 fine if convicted, predicted that the victory would have a ripple effect on his civil cases.

“It was precipitated by the frame-up in California

... It’ll be like dominos: It’ll all fall away,” he said.