Official Report
A DTI report that was finally released in 1997 clarified that the biggest buyer of Guinness shares to support the bid was J Rothschild Holdings, the investment group then headed by Lord Rothschild. The £28.7 million spent by his company exceeded the £25.1 million support from companies owned by Gerald Ronson, who was jailed for his role, but there was no criticism of J Rothschild. The main reason was that other supporters were paid for their help and were given indemnities against losses, but J Rothschild received no payment. The Report's inspectors said that the firm's motive was to create a favourable climate for obtaining future business from Guinness's City advisers, the stockbrokers Cazenove and the merchant bank Morgan Grenfell. As the Rothschilds are also a Jewish family, it, the Report, also weakened (after a very lengthy delay) the argument by some that the prosecution and DTI inspectorate were motivated by antisemitic sentiment.
J Rothschild issued a statement saying it was pleased that the report had at last been published and making clear that the firm was not a party to the wrongdoings identified in the report. It read: "Guinness shares were purchased for proper commercial motives. J Rothschild was subject to no obligation to disclose the share purchases. The arrangements were, and were regarded as, perfectly normal at the time."
Read more about this topic: Guinness Share-trading Fraud
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