KYLSANT CASE OPENED
ALLEGED FALSE PROSPECTUS SUM TAKEN FROM RESERVE LONDON, July 20. The Old Bailey was crowded for the opening of the Kylsant case. Mr Justice Right presided. Sir William Jowitt (the Attorneygeneral), in prosecuting, spoke for nearly five hours. He said that between 1921 and 1925 the sums taken from reserve totalled £2,800,000. In addition, recourse was made to non-recurring items, making the grand total £4,400,000. The balance sheet of 1926 was false. The sum of £900,000 was taken from the company’s accumulated funds in that year. The shareholders were given no hint that anything was wrong. Referring to separate charges against Lord Kylsant of making a false statement in a prospectus, Sir William Jowitt said the prospectus must have been intended to deceive unfortunate people to invest in the concern. The hearing was adjourned.
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Otago Daily Times, Issue 21393, 22 July 1931, Page 7
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137KYLSANT CASE OPENED Otago Daily Times, Issue 21393, 22 July 1931, Page 7
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