Ferranti International Signal Plc insisted yesterday that provided its bankers continued to support it financially, there is no immediate need for a rescue, although it is open to alliances with other companies in the medium term: in what shows every sign of being a major fraud, the company is at least UKP150m worse off than it thought it was; in particular, one International Signal &{ Control contract, believed to be with Pakistan, which generated $43m in 1982, rising to $70m in 1987, may never have existed, and $50m on another contract for gunboat armaments is in doubt; International Signal founder James Guerin, who resigned suddenly as deputy chairman of Ferranti earlier in the year and abruptly sold his shares in the company, having earlier agreed not to sell them before 1990, had not surfaced yesterday.
