Deep Purple sue their accountant for $5 million

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playitloudmutha
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Deep Purple sue their accountant for $5 million

Postby playitloudmutha » Tue Jan 10, 2017 4:23 pm

http://classicrockrevisited.com/news.php

Deep Purple Sue Accountant Over Missing Millions Of Dollars
www.hennemusic.com

Deep Purple are suing longtime account Dipak Shanker Rao after discovering that nearly $5 million dollars is missing following a review of their company's books.

The Times reports principal band members Ian Gillan, Roger Glover, Ian Paice and the estate of Jon Lord have filed a lawsuit in London's High Court accusing Rao of siphoning off up to £4 million in royalties from their financial companies, HEC Enterprises and Deep Purple (Overseas) Ltd.

The High Court have frozen Rao's assets after he admitted "borrowing" or "lending" at least £2.27 million of the company's money. Only £477,000 has been recovered to date, while both companies went into administration (bankruptcy) a year ago.

The funds were discovered missing during a review of the group's books after former Deep Purple guitarist Ritchie Blackmore sued the companies last year, alleging that he was owed £750,000 in unpaid royalties. Read more here.

http://www.hennemusic.com/2017/01/deep- ... after.html
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