REFA gravy train

pany have their SETTLEMENT in a £12m civil the former Tor deputy prime York two years ago.

was the first president.

All the defendants, denied allegations of REFA which crashed in November 1971.

They alleged that the company sold shares in the property fund through a prospectus which contained 'false, untrue and misleading claims'.

The suit also charged the management of the fund with deception, specifically in not revealing that the fund's founder, Jerome D. Hoffman, had been barred in 1968 from dealing in securities in the US.

GRAVY

Hoffman was sent to prison in 1971 for mortgage fraud in connection with a previous firm which he launched.

Under the proposed out-ofcourt settlement, the fund will turn over its assets to its shareholders together with $78,000 from Mr Robert Wagner, the former Democratic Mayor of New York, and two other defendants.

This payment clude Maudling.

Asked about money received by the defendants, Judge Edmund Palmieri, who is in charge of the case, said:

can assure you worked for nothing. They their feet in the gravy.' The federal judge said that the fund's management had 'overextended and over-invested' and that 'their policies were not strictly according to the rules' REFA was a Liberia-registered company which made its headquarters in. Thorn House, Upper Pay occupation at Welsh PRODUCTION the Aberdare factory, entered the sit-in over payments.

Overnight the staged by groups ers in relay.

Last Friday 180 workers who had been working to rule were warned that unless there was a return to normal working there would be no production at the plant.

The sit-in began on Monday when the workers were told to go home. Management told the workers they were required to work normally before the dispute could be referred to the Tories' Pay Board or a procedure committee within the industry.

John Jenkins, Rebuff to rail chief SIR SIDNEY GREENE and his right-wing cronies on the executive of the National Union of Railwaymen have received a decisive rebuff in their attempts to ignore the TUC's May Day stoppage.

Greene has been hinting privately ever since the March 5 Congress that his union would not take in the one - day stoppage in protest against the Coroles!

Tories' state pay laws.

But at an executive on Monday night it was by a one-vote majarity to the stoppage. would nobody all had workers at ables ComGlamorgan, third day of bonus rate protest was of 50 workchairman meeting decided support will be reached shortly fraud action involving Home Secretary and minister, Reginald including Maudling, diverting funds from spectacular fashion in

"They all

had their feet in it'-judge St Martin's London's West End.

Its original board of directors contained Maudling, Viscount Brentford, the head of the Automobile Association and an ex-Tory Minister, his son, Crispin Joynson-Hicks, and a number of top aides in the White House and the Pentagon.

Maudling launched the fund at an international Press conference held at the Waldorf in the Strand early in 1969.

BOUNCE

A few months later, however, details of Hoffman's past problems with the Securities and Exchange Commission were pubIshed by the 'Sunday Times' following an investigation by journalist Charles Raw.

Raw. uncovered the fact that Hoffman had been engaged tricky mortgage . operation and that he had subsequently been banned for trading in, han lling shop stewards, told Workers Press that the dispute arose from the review of the annual pay agreement. This was originally deferred from last October because of the introduction of the government's Phase One of the pay laws.

He said workers now wanted the same money they received for doing the same work last year.

Workers in the dispute are members of the General and Municipal Workers' Union, though it will affect other unions if the sit-in continues.

Arthur Probert, the Labour MP for Aberdare, was due to travel from London to speak to shop stewards yesterday afternoon.

Aberdare Cables is part of the international firm, Pirelli General Cable Company, which owns other cable-making companies in Eastleigh, Bishopstoke and Southampton.

The union will not take national strike action on May 1 because this requires a one-third majority. But it does mean that NUR members can now stop work on May Day and participate in local demonstrations throughout the country.

During the bitterly-contested executive meeting the right wing moved a resolution that the TUC's invitation to stop work should be ignored.

ASLEF, the locomen's union, still has decide what action to take.

the ab Mr. Re cable plant SOCIALIST LABOUR LEAGUE MEETING Transform the SLL intc the Revolutionary Part WEDNESDAY, APRIL Registered as newspaper at the Post Office. Published by Workers Press, 186a Clapham High Street, Printed Plough Newsdesk: 01-720 Circulation: 01-622 7029.

Hodóman Reginald Maudling MAY anyone query the ve, they are free inald Maudling at Manchester Chapel NEWS DESK 01-720 2000 CIRCULATION 01-622 7029 27 Chester Square, LONDON, S.W.1 september Dew Jeny ou hase shoe hecacood in Latin America manch contains some extracts from one British newspaper about my resignation from the Real Estate Fund of merica The purpose of the leaflet must clearly be to do damage to your business. It is anonymous and there is no way on the face of it of telling who has circulated it, but it appears likely that this has been done by a competitor of yours.

I would like to put on record once again that the reasons for my resignation were precisely those set out in my statement and no more. I began the statement by saying that I considered the Real Estate Fund of America was a good and sound investment and I set out quite clearly my own personal position.

I am delighted that you have obtained the service of such a distinguished American as Mr. Holmes Br Chairman of the New York Board of Trade to take m place together with other important figures in th United States.

REGINALD

enticity write to above address POLICE were called last night to Gosport Borough Council meeting after an angry exchange of words between the Mayor, Ald Ron Kirkin and Ald Wilfred Chidlow.

After allegations by Ald Chidlow about the council buying houses at less than market value the mayor said his comments had SLL LECTURE SERIES The revolutionary party and the history of the British working class Merthyr Tydfil Caedraw School Merthyr Tydfil Sunday April 22 Lectures given by The Unions and class in Britain.

The Revolutionary Pas British working classfuture.

The Transformation of READING Trotsky, Where IS Going? Problems British Revolution.

Perspectives for Transforming the SLL into a Revolutionary Marxist Analysis Police called to council t of the -and its the SLL Britain Above: Hoffman (1) with Maudling. Left: Maudling's letter written after his resignation from REFA saying it was a 'good and sound investment'.

or selling securities within New York state for life.

The irrepressible Hoffman bounced back-and formed REFA with the assistance of Maudling, the former Chancellor of the Exchequer.

Maudling left the presidency after hearing about Hoffman's unsavoury past, but this did not prevent him sending a letter to Hoffman in which he stated that he still thought that the fund was 'a good and sound investment'.

BANKRUPT

Hoffman printed thousands copies of the letter and used it to solicit business.

A year later the company collapsed.

When he fled from London, Hoffman left behind a bankrupt management company and a deluge of creditors' letters.

He returned . to New York where he was immediately charged with offences dating from his first mortgage business.

He received a two-year sentence in the state penitentiary.

When contacted this week about the possible settlement which the angry shareholders had agreed to, Maudling said: I hope it's the end of the matter.' no relevance to the matters ma under discussion.

Ald Chidlow persisted and said to the mayor: 'Don't you tell me to be quiet.' The mayor then sent for While a police sergeant and a PC waited at the open door of the council chambers Ald Chidlow withdrew his remark.

SLL LECTURE

SERIES Socialist Revolt Middleton Manchester ellins Social Centre rn Road, Hollins Estate 7.30 p.m.

Monday April 16 Lectures given by Ciiff Slaughter SLL Central Committee) The Socialist Revolution Britain: 3. The state and revolution. Reformism and revolution in Britain. The fight for democratic rights today means preparing for working-class power. Basic reading:

Perspectives for transforming the SLL into a Marxist Analysis Crisis. Problems of the British Revolution (Trotsky).

Death Agony of Capitalism and the Tasks of the Fourth Interlational, Communist Manifesto.

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