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Thread: Owen Ciosby POhilipps (Lord Kyslant)

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    Default Owen Ciosby POhilipps (Lord Kyslant)

    Owen Cosby Philipps was born at Warminster on the 25 March 1863 died June 1937.
    John Wynford Philipps 30-5-1860 to 28-3-1938.
    John was the financial backers to his brothers Laurence, Owen and their shipping Dynasties.
    John was the Chairman of Buenos Aires and Pacific Railway Company founded in Argentina.
    Owen was a successful shipowner in his own right, in 1901 an opportunity presented itself to the Brothers when the Royal Mail Steam Packet Company ran into financial problems.
    With the financial backing of his brother John Owen bought shares in the struggling company, by 1903 he had become Chairman.
    Owen became aggressive in the purchase of UK Shipping Companies and at the same time carrying out root and branch modernisation of the RSMP, replacing its aging fleet by modern ships.
    In 1910, RSMP succeed in purchasing the its biggest asset when it acquired the assets of Union Castle, and at the same time making a bid for The Clan Line Steamers. The bid for Clan Line was rejected and was denied by the Cayzer Family.
    The Scottish Daily Record of the time indicates that RSMP had bid for Clan Line.
    At one stage Owen Cosby Philipps owned over 25% of the Worlds Merchant Fleets, the Americans were terrified of such ownership in one hand.
    The Achilles Heel of the Company was Lord Pirrie Chairman of Harland and Wolf who operated out with the group control, recording losses which had to be covered by other in the group.
    The group was the only fully integrated vertical company operating in the UK, owning coal mines, steel refineries, shipbuilding and ship owners.
    It was also believed that Owen was the only one who fully understood the complex financial arrangements on how the group operated.
    Group profits were passed from company to company masking losses.
    Owens downfall was a major fallout with his brother John over a seemingly minor matter over reporting of the Trustees of fund.
    The RSMP Company was in financial trouble, defaulting on loans but seemingly in good financial health
    Between 1926 and 1929 the group’s annual financial reports indicated that in two years the company had written back its reserves in order to show a profit, in the other years the group had omitted this element from the annual reports.
    Lord Kyslants trial hinged on these omissions, was it fraud, or a genuine omission.
    He was sentenced to one year for his misdemeanours, in which he was treated like royalty.
    His crime, failure to record the writing back from reserves fund in order to show a profit.

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    Default Re: Owen Ciosby POhilipps (Lord Kyslant)

    Awe! You spoilt the Quiz Vic! LOL
    Cheers
    Senior Site Moderator-Member and Friend of this Website

    R697530

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