Stagecoach pair could lose £18m in con

Oct 16 2009 by Andrew Welsh, Perthshire Advertiser Friday

SUPER-RICH Perthshire siblings Ann Gloag and Brian Souter may have been conned out of £18million, it emerged yesterday.

The founders of Perth-based bus firm Stagecoach claim to have given London financier Nicholas Levene £10million to invest in mining firm Xstrata and HSBC Bank.

However, the Metropolitan Police have been called in following the disappearance of the vice-chairman of Leyton Orient FC.

Mr Levene (45) failed to respond to a series of High Court writs demanding repayment of gambling debts and trading profits of at least £20million – prompting the fraud squad’s intervention.

Court documents have revealed that the derivatives expert was ordered to pay Mr Souter and his sister Mrs Gloag almost £18million in July.

Yesterday, the pair were staying tight lipped following claims that Mr Levene could have run up total debts of close to £70million.

The transport tycoons instructed him to sell their respective stakes in Xstrata and HSBC when they made £3.8million each.

But it is alleged he did not pay the pair’s dues and cheques worth £8.8million bounced after he closed the account.

Mr Souter and Mrs Gloag have a fortune estimated at around £720million.

Others making claims against Mr Levene, whose City nickname is Beano, are bookmaker IG Index, Ivy restaurant owner Richard Carings and building magnate Raymond O’Rourke.

A Metropolitan Police spokesman said detectives were assessing the matter.

“At this time no decision has yet been reached on whether an inquiry should be conducted,” he said.