Dome owner in £1bn scandal over shares sale
Source: The Independent
The right-wing American tycoon who took control of the Millennium Dome in a controversial deal with the Government made a $1.5bn (£929m) windfall selling his own stock when the company of which he was chairman was exaggerating its profits.
It was revealed yesterday that Phillip Anschutz received the money after selling 33 million shares in Qwest Communications International, the telecommunications company in Colorado of which he was the main shareholder and founder.
In the latest accounting scandal to rock the United States' corporate world, Qwest is at the centre of investigations by the US Department of Justice and the Securities and Exchange Commission (SEC) after it admitted having exaggerated its profits and using improper accounting procedures.