Philip Anschutz, the businessman who plans to develop an entertainment venue at the Millennium Dome, has been accused of making money illegally on the stock market.
The US entertainment mogul is one of five businessmen who have been named in a court action brought forward by New York attorney-general Eliot Spitzer.
A spokesman for the Office of the Deputy Prime Minister, which oversees the Greenwich Peninsula site project, said the legal proceedings against Anschutz would have no impact on the deal to take over and develop the Millennium Dome.
The spokesman said the government’s deal was with Meridian Delta in consortium with Anschutz Entertainment Group, whereas the proceedings were against an individual.
Meridian Delta, which comprises Australian group Lend Lease, Quintain Estates and Anschutz, plans to turn the Millennium Dome into a 20,000-seat arena, surrounded by over 3m sq ft of mixed-use development, including between 6,500 and 7,800 houses.
Anschutz is the chairman and founder of telecoms company Qwest Communications.
The lawsuit alleges that Anschutz and four other executives were “bought off” with personal allocations of newly floated shares and in return they pushed Qwest company business to Salomon Smith Barney.
The Anschutz Corp said the lawsuit was “unfounded and absolutely without merit”.
It said that Anschutz did not personally receive any share allocations, nor did Qwest’s board select banking firms.
EGi News 01/10/02
