Promoters at GHW face fraud probe

DETECTIVES are probing a group of share promoters suspected of being involved in 'serious or complex fraud'. Inquiries by the Serious Fraud Office focus on Sussex-based GHW Group - previously Wall Street Investments - its broking arm Grahame H Wills, and Peter Shakeshaft and Robert Holgate.

At least a dozen companies and individuals involved in financial transactions with them since January 1997 have been ordered to produce documents by Friday.

Wall Street has been the vehicle for dealmakers Shakeshaft and Holgate, who have had various brushes with authorities. In 1992, the then watchdog Fimbra ordered their firm Vantage Management to stop conducting investment business.

In 1995, the Stock Exchange blocked a £600,000 share issue after it emerged that the directors had given themselves options over 7bn shares. The SE said it did not believe an orderly market for the shares would exist.

Since then Wall Street has acted as an 'arranger', organising finance for share issues. It took over Bristol based Wills this year.

A spokesman said: 'We have been made aware of the SFO inquiry, but have not been contacted by them directly. We have recently been given a clean bill of health by the Financial Services Authority. We have written to the SFO offering full co-operation to bring this matter to a speedy conclusion.'