As well as the allegedly fictitious contracts at International Signal & Control, Ferranti International Signal Plc reveals that UKP100m of cash appears to have been milked from the US defence electronics company, all but UKP12m of it before Ferranti acquired the company in 1987: the cash appears to have been funnelled through Swiss and Panamanian companies since liquidated; the news on Friday that business unconnected with the scandal was now deteriorating, and word that partners British Aerospace Plc and Thomson SA were redoing all their figures valuing Ferranti ahead of their expected bid (with negative implications) caused Ferranti’s share price to slump 4.5 pence to 49 pence in yesterday’s trading.
