More evidence of the Maxwell curse

HANGING over the Mirror pension scandal has always been the hope that Robert Maxwell's heirs would pay back at least some of the £460 million plundered in the days leading up to the collapse of the family's media empire a decade ago.

The Maxwell children have, from time to time, encouraged speculation of at least a partial repayment to Mirror pensioners. Kevin Maxwell, fresh from his acquittal on criminal charges nearly seven years ago, promised that he would pay at least some of the money, if he could, and that he would bear 'a moral burden for the rest of my life' to the pensioners.

And last week, his US-based sister, Christine, revived the issue when she told me: 'I understand there are ongoing talks with some of the former Maxwell group pension funds, which are being conducted by my brother, Kevin.'

He would not be drawn into a public discussion of the ongoing negotiations other than to say it would be more correct to state that they were with 'Maxwell Communications' rather than 'Mirror Group' interests.

But the disclosure serves to revive speculation that perhaps the Maxwells may be willing and able to reimburse pension funds.

The store of wealth required would prove a surprise to many, given that Kevin was so skint seven years ago that his acquittal on criminal charges was funded by legal aid. The latest timing is also noteworthy-coinciding as it does with more evidence of the 'Maxwell curse'. Kevin's telecoms company, Telemonde, is battling to stave off bankruptcy.

This comes as a disappointment to a lot of people because for a while during the telecoms and internet booms, Telemonde looked as if it might just serve as the vehicle to undo some of the destruction wrought by Kevin's dearly departed father.

Telemonde offered a miraculous, if fleeting, turnabout in fortunes for Kevin, its founding chairman. Within four years of emerging from bankruptcy with debts totalling £400 million, he had amassed a paper wealth of several million pounds and was being paid £240,000 a year.

With Telemonde's shares now virtually worthless, that glimpse of future fortune has gone.

Christine and her twin sister, Isabel, did make several million pounds in founding and then selling a pioneering internet search engine. But there appear to have been few coups lately in their portfolios.

CommTouch and Backweb Technologies, two US-based companies with which Isabel has since been associated as an executive and director, have seen their shares plummet and have become the target of shareholder lawsuits.

Christine, who describes herself-as an 'independent consultant in the internet professional publishing sector', says that she is neither a director nor a substantial shareholder in any publicly traded company. So, on the publicly available evidence at least, it is difficult to see how the father's heirs could offer much hope to those hurt in the Maxwell pension scandal.

End of the affair

A RECENT poll showed that only 41% of Americans supported President Bush's tax-cut package. The problem they have is that much of the $670 billion (£424 billion) earmarked to flow back to taxpayers will go to the super-rich.

For example, it has been estimated that Mickey Arison, boss of cruise ship operator Carnival, will pocket $37 million a year thanks to Bush's decision to abolish income tax on dividends.

And Charles Schwab, founder of the discount broker, gains $4 million annually as a result of the new tax policy that he urged Bush to adopt. Whether this largesse to the already-rich will stimulate the US economy remains to be seen.

Either way, America's love affair with the 'wealth-creating' captains of industry - already on the rocks after Enron and Worldcom - is now as good as over.