93-463: Hinduja Group is an Indian conglomerate . The group is present in eleven sectors including automotive , oil and specialty chemicals , banking and finance , IT and ITeS, cyber security , healthcare , trading , infrastructure project development, media and entertainment , power, and real estate . The net worth of the Hinduja brothers was estimated to be US$ 32 billion in 2022, making them
186-611: A Labour party member since 1982. In 1983, Vaz stood in the general election as the Labour candidate in the Conservative-Liberal marginal Richmond and Barnes constituency, coming third with a swing away from Labour of 4.3% compared with a national average swing away of 9.3%. He stood as the Labour candidate in the European Parliament election in 1984 for Surrey West , coming third. On 11 June 1987, Vaz
279-429: A market inefficiency , which undervalues the true strength of these stocks. In her 1999 book No Logo , Naomi Klein provides several examples of mergers and acquisitions between media companies designed to create conglomerates to create synergy between them: A relatively new development, Internet conglomerates, such as Alphabet , Google's parent company belong to the modern media conglomerate group and play
372-505: A BA first-class Honours degree (1979), later promoted to MA (1987). Vaz has two sisters, Valerie (born 1954), who has been the MP for Walsall South since 2010 , and Penny McConnell, who is a solicitor. He lives in London with his wife, Maria Fernandes, and their two children, a son and a daughter. Before his political career, Vaz was a practising solicitor. In 1982, he was employed as
465-429: A decision on their application for citizenship could be expected. On 25 January, Vaz had become the focus of Opposition questions about the Hinduja affair and many parliamentary questions were tabled, demanding that he fully disclose his role. Vaz said via a Foreign and Commonwealth Office (FCO) spokesman that he would be "fully prepared" to answer questions put to him by Sir Anthony Hammond, QC , who had been asked by
558-509: A decision on their application for citizenship could be expected. On 25 January, Vaz became the focus of Opposition questions about the Hinduja affair and many parliamentary questions were tabled, demanding that he fully disclose his role. Vaz said via a Foreign Office spokesman that he would be "fully prepared" to answer questions put to him by Sir Anthony Hammond QC who had been asked by the Prime Minister to carry out an inquiry into
651-486: A disorienting and demoralizing experience for executives at acquired companies—those who were not immediately laid off found themselves at the mercy of the conglomerate's executives in some other distant city. Most conglomerates' headquarters were located on the West Coast or East Coast , while many of their acquisitions were located in the country's interior. Many interior cities were devastated by repeatedly losing
744-549: A focus in Asia.) In Japan, a different model of conglomerate, the keiretsu , evolved. Whereas the Western model of conglomerate consists of a single corporation with multiple subsidiaries controlled by that corporation, the companies in a keiretsu are linked by interlocking shareholdings and a central role of a bank. Mitsui , Mitsubishi , Sumitomo are some of Japan's best-known keiretsu, reaching from automobile manufacturing to
837-534: A former policewoman. The committee concluded that "Mr Vaz recklessly made a damaging allegation against Miss Eggington to the Commissioner, which was not true, and which could have intimidated Miss Eggington or undermined her credibility". Eggington, a retired police officer who had served 34 years in the Metropolitan Police , including a period as deputy head of Special Branch , wanted to help
930-501: A friend, Mary Grestny, who had worked as personal assistant to Vaz's wife. After leaving the job in May 2000, Grestny dictated a seven-page statement about Mrs Vaz to Eggington in March 2001, who sent it to Filkin. Grestny's statement included allegations that Mr and Mrs Vaz had employed an illegal immigrant as their nanny , and that they had been receiving gifts from Asian businessmen such as
1023-638: A global presence and a diversified portfolio of products and services. Conglomerates can be formed by merger and acquisitions , spin-offs , or joint ventures . Conglomerates are common in many countries and sectors, such as media , banking , energy , mining , manufacturing , retail , defense , and transportation . This type of organization aims to achieve economies of scale , market power, risk diversification , and financial synergy. However, they also face challenges such as complexity, bureaucracy , agency problems, and regulation . The popularity of conglomerates has varied over time and across regions. In
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#17327719284341116-473: A lack of evidence and saying that documents central to the prosecution case were "useless and dubious" since their provenance could not be verified. Judge RS Sodhi said: "I must express my disapproval that 14 years of trial and ₹ 2.5 billion (US$ 30 million) of public money was spent on the case. It has caused huge economical, emotional, professional and personal loss to the Hindujas." In January 2001, it
1209-440: A lawyer representing the family. It was also claimed that the family spent more on pets than they paid a servant. The Swiss court dismissed the human trafficking charges, but found them guilty of exploiting the staff; it sentenced Prakash Hinduja , wife Kamal, son Ajay and daughter-in-law Namrata to four and a half years of imprisonment. Conglomerate (company) A conglomerate ( / k ə ŋ ˈ ɡ l ɒ m ə r ə t / )
1302-512: A major role within various industries, such as brand management . In most cases, Internet conglomerates consist of corporations that own several medium-sized online or hybrid online-offline projects. In many cases, newly joined corporations get higher returns on investment , access to business contacts, and better rates on loans from various banks. Similar to other industries many companies can be termed as conglomerates. Keith Vaz Nigel Keith Anthony Standish Vaz (born 26 November 1956)
1395-591: A party in the Park Lane Hilton to celebrate the 20th anniversary of GMH on 23 April 1999, where Lord Sainsbury presented Auchi with a painting of the House of Commons signed by Tony Blair, the Opposition leaders, and over 100 other leading British politicians. Lord Sainsbury later told The Observer that he did this "as a favour for Keith Vaz". In May 1999, Vaz resigned his post as a director after he
1488-707: A patron of the Labour Party Race Action Group and in 2006 he was appointed the Chairman of the Ethnic Minority Taskforce. Vaz was also appointed to a public bill committee , which held its first meeting on 15 November 2016, looking at the Criminal Finances Bill which aimed to tackle money laundering and corruption . Vaz signed several early day motions sponsored by David Tredinnick MP supporting
1581-593: A police inquiry and threatened to report her to the Speaker of the House of Commons . Eggington denied that she had ever telephoned Vaz's mother and offered her home and mobile telephone records as evidence. The Commons committee decided that she was telling the truth. They added: "Mr Vaz recklessly made a damaging allegation against Miss Eggington, which was not true and which could have intimidated Miss Eggington and undermined her credibility." A letter to Filkin from Detective Superintendent Nick Gargan made it plain that
1674-546: A single allegation – that he had failed to register two payments worth £4,500 in total from Zaiwalla. Vaz was accused of blocking Filkin's investigation into the allegations. In January 2001, immigration minister Barbara Roche revealed in a written Commons reply that Vaz, along with Peter Mandelson and other MPs, had contacted the Home Office about the Hinduja brothers . She said that Vaz had made inquiries about when
1767-639: A small slice of many companies in a fund rather than owning shares in a conglomerate. Another example of a successful conglomerate is Warren Buffett 's Berkshire Hathaway , a holding company which used surplus capital from its insurance subsidiaries to invest in businesses across a variety of industries. The end of the First World War caused a brief economic crisis in Weimar Germany , permitting entrepreneurs to buy businesses at rock-bottom prices. The most successful, Hugo Stinnes , established
1860-700: A solicitor to Richmond upon Thames London Borough Council ; and later as a senior solicitor to the London Borough of Islington . He was selected as the prospective Labour candidate for the Leicester East constituency in 1985. At that time, he found a job in Leicester as a solicitor at the City Council-funded Highfields and Belgrave Law Centre. He remained in this role until his election to Parliament in 1987. Vaz has been
1953-669: A variety of parliamentary posts. Between 1987 and 1992, he was a member of the Home Affairs Select Committee , of which he was the chair from July 2007 to September 2016. Between 1993 and 1994, he was a member of the Executive Committee Inter-Parliamentary Union. Finally, between December 2002 and July 2007, Vaz acted as a senior Labour Member of the Select Committee for Constitutional Affairs. In 1992, Vaz
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#17327719284342046-772: Is a British politician who served as the Labour Party Member of Parliament (MP) for Leicester East for 32 years, from 1987 to 2019 . He is the UK Parliament 's longest-serving British Asian MP . Vaz served as the Minister for Europe between October 1999 and June 2001. He was appointed a member of the Privy Council in June 2006. He was Chairman of the Home Affairs Select Committee from July 2007, but resigned from this role on 6 September 2016 after
2139-549: Is a distant relative of Saint Joseph Vaz , a 17th-century missionary. He moved to England with his family in 1965, settling in Twickenham . His father, previously a correspondent for The Times of India , worked in the airline industry, while his mother held jobs both as a teacher and simultaneously part-time in Marks & Spencer . Vaz's father took his own life when Vaz was 14. Merlyn Vaz moved to Leicester when her son
2232-402: Is a type of multi-industry company that consists of several different and unrelated business entities that operate in various industries. A conglomerate usually has a parent company that owns and controls many subsidiaries , which are legally independent but financially and strategically dependent on the parent company. Conglomerates are often large and multinational corporations that have
2325-433: Is clear to me there has been deliberate collusion over many months between Mr Vaz and his wife to conceal this fact and to prevent me from obtaining accurate information about his possible financial relationship with the Hinduja family". In 2002, Vaz was suspended from the House of Commons for one month after a Committee on Standards and Privileges inquiry found that he had made false allegations against Eileen Eggington,
2418-481: Is clear to me there has been deliberate collusion over many months between Mr Vaz and his wife to conceal this fact and to prevent me from obtaining accurate information about his possible financial relationship with the Hinduja family". In February 2005 Ashok Leyland , the flagship company of Hinduja Group, announced an agreement to supply 100 army vehicles to the Sudanese Defence Ministry. It
2511-472: Is currently China's largest civilian-run conglomerate by revenue. In South Korea , the chaebol is a type of conglomerate owned and operated by a family. A chaebol is also inheritable, as most of the current presidents of chaebols succeeded their fathers or grandfathers. Some of the largest and most well-known Korean chaebols are Samsung , LG , Hyundai Kia and SK . In India, family-owned enterprises became some of Asia's largest conglomerates, such as
2604-575: The Sunday Mirror revealed he had engaged in unprotected sexual activity with male sex workers and had said he would pay for cocaine if they wished to use it. At the end of October 2016, Vaz was appointed to the Justice Select Committee ; a parliamentary vote to block his appointment was defeated. On 10 November 2019, he said in a statement that he was retiring from Parliament and would not be standing for re-election at
2697-571: The Aditya Birla Group , Tata Group , Emami , Kirloskar Group , Larsen & Toubro , Mahindra Group , Bajaj Group , ITC Limited , Essar Group , Reliance Industries , Adani Group and the Bharti Enterprises . In Brazil the most important conglomerates are J&F Investimentos , Odebrecht , Itaúsa , Camargo Corrêa , Votorantim Group , Andrade Gutierrez , and Queiroz Galvão. In New Zealand, Fletcher Challenge
2790-602: The Committee of Selection which, under the Standing Orders of the House, nominates members to select committees, but unusually Vaz was the only nomination made by Harriet Harman , Leader of the House of Commons and Lord Privy Seal . Harman argued that this was because there was not sufficient time to go through the usual procedure before the impending summer recess. The Chairman of the Committee of Selection told
2883-497: The Hinduja brothers ' applications for British citizenship while a backbench MP. Tony Blair also admitted that Vaz had "made representations" on behalf of other Asians. On 11 June 2001 Vaz was dismissed from his post as Europe Minister, to be replaced by Peter Hain . The Prime Minister's office said that Vaz had written to Tony Blair stating he wished to stand down for health reasons. In December 2001, Elizabeth Filkin cleared Vaz of failing to register payments to his wife's law firm by
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2976-652: The United States , conglomerates became popular in the 1960s as a form of economic bubble driven by low interest rates and leveraged buyouts. However, many of them collapsed or were broken up in the 1980s due to poor performance, accounting scandals, and antitrust regulation. In contrast, conglomerates have remained prevalent in Asia, especially in China , Japan , South Korea , and India . In mainland China , many state-affiliated enterprises have gone through high value mergers and acquisitions , resulting in some of
3069-579: The highest value business transactions of all time. These conglomerates have strong ties with the government and preferential policies and access to capital. During the 1960s, the United States was caught up in a "conglomerate fad " which turned out to be a form of an economic bubble . Due to a combination of low interest rates and a repeating bear-bull market , conglomerates were able to buy smaller companies in leveraged buyouts (sometimes at temporarily deflated values). Famous examples from
3162-440: The 1960s include Gulf and Western Industries , Ling-Temco-Vought , ITT Corporation , Litton Industries , Textron , and Teledyne . The trick was to look for acquisition targets with solid earnings and much lower price–earnings ratios than the acquirer. The conglomerate would make a tender offer to the target's shareholders at a princely premium to the target's current stock price. Upon obtaining shareholder approval,
3255-627: The 1980s, General Electric also moved into financing and financial services , which in 2005 accounted for about 45% of the company's net earnings. GE formerly owned a minority interest in NBCUniversal , which owns the NBC television network and several other cable networks . United Technologies was also a successful conglomerate until it was dismantled in the late 2010s. With the spread of mutual funds (especially index funds since 1976), investors could more easily obtain diversification by owning
3348-840: The Business Leader of the Year Award. Ashok Hinduja was felicitated with the ABLF Global Asian Award at the UAE Government-backed Asian Business Leadership Forum in 2017. OneOTT Intertainment Limited (OIL), the Media Vertical arm of Hinduja Group, was awarded the 2019 Innovation Leaders award by Telecomlead.com. In May 2023, lead Hinduja chair Srichand Hinduja died in London at the age of 87. Srichand, Gopichand and Prakash Hinduja were connected with
3441-469: The February 2004 murder of a fourteen-year-old boy, Vaz asked for an investigation of the relationship between the video games and violence, saying the parents of the victim believed that the killer was influenced by the video game Manhunt . Although the police dismissed the claim and the only copy found belonged to the victim, Tony Blair said the game was unsuitable for children and agreed to discuss with
3534-471: The Hinduja Foundation had given the sum of £1,200 to Mapesbury Communications, a company run by his wife, in return for helping to organise a Hinduja-sponsored reception at the House of Commons. Vaz had previously denied receiving money from the Hindujas, but insisted that he made no personal gain from the transaction in question. In June 2001, Vaz admitted that he had made representations during
3627-489: The Hinduja brothers' applications for British citizenship while a backbench MP. Tony Blair also admitted that Vaz had "made representations" on behalf of other Asians. On 11 June 2001, Vaz was dismissed from his post as Europe Minister, to be replaced by Peter Hain . The Prime Minister's office said that Vaz had written to Tony Blair stating his wish to stand down for health reasons. In December 2001, Filkin cleared Vaz of failing to register payments to his wife's law firm by
3720-400: The Hinduja brothers, but said that he had colluded with his wife to conceal the payments. Filkin's report said that the payments had been given to his wife for legal advice on immigration issues and concluded that Vaz had gained no direct personal benefit, and that Commons rules did not require him to disclose payments made to his wife. She did, however, criticise him for his secrecy, saying, "It
3813-400: The Hinduja brothers, but said that he had colluded with his wife to conceal the payments. Filkin's report said that the payments had been given to his wife for legal advice on immigration issues and concluded that Vaz had gained no direct personal benefit, and that Commons rules did not require him to disclose payments made to his wife. She did, however, criticise him for his secrecy, saying, "It
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3906-474: The Hinduja brothers. The allegations were denied by Vaz, and the Committee found no evidence to support them. In late 2001, Vaz complained to Leicestershire Police that his mother had been upset by a telephone call from "a woman named Mrs Egginton", who claimed to be a police officer. The accusations led to Eggington being questioned by police. Vaz also wrote a letter of complaint to Filkin, but when she tried to make inquiries Vaz accused her of interfering with
3999-462: The Hinduja brothers. Vaz met Filkin on 20 March to discuss a complaint that the Hinduja Foundation had given £1,200 to Mapesbury Communications, a company run by his wife, in return for helping to organise a Hinduja-sponsored reception at the House of Commons. Vaz had previously denied receiving money from the Hindujas, but said that he made no personal gain from the transaction in question. In June 2001, Vaz said that he had made representations during
4092-489: The Home Office about the [extradition] procedure." This included advising Auchi to consult his local MP. The spokesman stressed that Vaz acted properly at all times and was often contacted by members of Britain's ethnic communities for help. In a Commons answer to Liberal Democrat MP Norman Baker earlier the same month Vaz confirmed that "details of enquiries by Mr Auchi have been passed to the Home Office". Following
4185-741: The Home Secretary what action could be taken. The sequel, Manhunt 2 , described by the British Board of Film Classification as "distinguishable ... by its unremitting bleakness and callousness of tone", became the first video game banned by the BBFC in the UK for 10 years. Vaz said: "This is an excellent decision by the British Board of Film Classification, showing that game publishers cannot expect to get interactive games where players take
4278-471: The House that the committee had been ready to meet earlier that week, but had been advised by the Government that there was no business for it to transact. Vaz replaced John Denham on 26 July 2007. Vaz was re-elected to the committee's chairmanship in June 2015. Vaz's backing for the 42-day terrorist detention without charge "was seen as crucial by the Government". During the debate on 10 June 2008,
4371-406: The Prime Minister to carry out an inquiry into the affair. Vaz had known the Hinduja brothers for some time; he had been present when the charitable Hinduja Foundation was set up in 1993, and also delivered a speech in 1998 when the brothers invited Tony and Cherie Blair to a Diwali celebration. On 26 January 2001, Conservative MP John Redwood accused Prime Minister Tony Blair of prejudicing
4464-603: The United States, some of the examples are The Walt Disney Company , Warner Bros. Discovery and The Trump Organization (see below). In Canada, one of the examples is Hudson's Bay Company . Another such conglomerate is J.D. Irving, Limited , which controls a large portion of the economic activities as well as media in the Province of New Brunswick . Some cite the decreased cost of conglomerate stock (a phenomenon known as conglomerate discount ) as evidential of these disadvantages, while other traders believe this tendency to be
4557-474: The affair. Vaz said that he had known the Hinduja brothers for some time; he had been present when the charitable Hinduja Foundation was set up in 1993, and had also delivered a speech in 1998 when the brothers invited Tony and Cherie Blair to a Diwali celebration. On 26 January 2001, Prime Minister Tony Blair was accused of prejudicing the independent inquiry into the Hinduja passport affair, after he declared that Keith Vaz had not done "anything wrong". On
4650-634: The company's first international operation in Iran in 1919. The headquarters of the group remained in Iran until 1979, when the Islamic Revolution forced it to move to Europe . Group Chairman Srichand Hinduja and his brother Gopichand , also Co-Chairman, moved to London in 1979 to develop the export business; the third brother Prakash manages the group's operations in Geneva , Switzerland while
4743-400: The conclusion that neither Mandelson nor anyone else had acted improperly. In January 2001, immigration minister Barbara Roche revealed in a written Commons reply that Keith Vaz , Member of Parliament for Leicester East and at the time a Foreign Office minister, and other MPs, had also contacted the Home Office about the Hinduja brothers, saying that Vaz had made inquiries about when
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#17327719284344836-455: The conglomerate usually settled the transaction in something other than cash, like debentures , bonds , warrants or convertible debentures (issuing the latter two would effectively dilute its shareholders down the road, but many shareholders at the time were not thinking that far ahead). The conglomerate would then add the target's earnings to its earnings, thereby increasing the conglomerate's overall earnings per share . In finance jargon,
4929-481: The continued funding of homoeopathy on the National Health Service . Vaz supported Owen Smith in the 2016 Labour leadership election . He was a parliamentary supporter of Labour Friends of Israel . In March 1989, Vaz, a Catholic , led a march of several thousand Muslims in Leicester calling for Salman Rushdie 's book The Satanic Verses to be banned, describing the march as "one of
5022-540: The controversy surrounding the Bully title, the game was released in the UK in 2006 under an alternative name, Canis Canem Edit , though the original title was restored when the game was re-released in 2008. Both releases of the game were rated 15 by the BBFC and were generally positively received by critics. In October 2010, Vaz put down an early day motion noting that the 2009–10 Malmö shootings "have been associated with
5115-463: The day before the key vote, Vaz was asked in Parliament whether he had been offered an honour for his support. He said: "No, it was certainly not offered—but I do not know; there is still time." The Daily Telegraph printed a hand written letter to Vaz, written the day after the vote, then Chief Whip Geoff Hoon wrote: Dear Keith ... Just a quick note to thank you for all your help during
5208-467: The end came in January 1968, when Litton shocked Wall Street by announcing a quarterly profit of only 21 cents per share, versus 63 cents for the previous year's quarter. This was "just a decline in earnings of about 19 percent", not an actual loss or a corporate scandal, and "yet the stock was crushed, plummeting from $ 90 to $ 53". It would take two more years before it was clear that the conglomerate fad
5301-492: The evidence does not support further investigation of any attempt to pervert the course of justice." The complaints the committee upheld against Vaz were: It was concluded that Vaz had "committed serious breaches of the Code of Conduct and showed contempt for the House" and it was recommended that he be suspended from the House of Commons for one month. Vaz was represented by his solicitor Sir Geoffrey Bindman . In 2001, it
5394-771: The examples are Adamjee Group , Dawood Hercules , House of Habib , Lakson Group and Nishat Group . In the Philippines , the largest conglomerate of the country is the Ayala Corporation which focuses on malls , bank , real estate development , and telecommunications . The other big conglomerates in the Philippines included JG Summit Holdings , Lopez Holdings Corporation , ABS-CBN Corporation , GMA Network, Inc. , MediaQuest Holdings , TV5 Network, Inc. , SM Investments Corporation , Metro Pacific Investments Corporation , and San Miguel Corporation . In
5487-473: The facts come out", he said. When asked why the passport application of one of the Hinduja brothers had been processed more quickly than normal, being processed and sanctioned in six months when the process can take up to two years, he replied, "It is not unusual." On 29 January, the government confirmed that the Hinduja Foundation had held a reception for Vaz in September 1999 to celebrate his appointment as
5580-646: The first Asian Minister in recent times. The party was not listed by Vaz in House of Commons register of Members' Interests, and Redwood, then head of the Conservative Parliamentary Campaigns Unit, questioned Vaz's judgement in accepting the hospitality. In March, Vaz was ordered to co-operate fully with a new inquiry launched into his financial affairs by Elizabeth Filkin. Foreign Secretary Robin Cook , Vaz's superior, also urged him to answer fully allegations about his links with
5673-745: The general election the following month. He stood in the 2024 United Kingdom general election in Leicester East for the One Leicester party. He was consequently expelled from the Labour Party. He failed in his election bid, finishing fifth with 3,681 votes. Keith Vaz was born in the British crown colony of Aden , on 26 November 1956, to Anthony Xavier and Merlyn Verona Vaz. The Vaz family hailed from Goa , now an Indian state, which accounts for his Goan-Portuguese surname. Vaz
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#17327719284345766-550: The great days in the history of Islam and Great Britain". According to Rushdie's autobiography Joseph Anton , Vaz had a few weeks earlier promised his "full support" to Rushdie, describing the fatwa against him as "absolutely appalling". In February 1990, after the Provisional Irish Republican Army carried out a bombing attack against a British Armed Forces recruiting centre in Leicester, Vaz caused public outrage by publicly suggesting that
5859-719: The headquarters of corporations to mergers, in which independent ventures were reduced to subsidiaries of conglomerates based in New York or Los Angeles. Pittsburgh, for example, lost about a dozen. The terror instilled by the mere prospect of such harsh consequences for executives and their home cities meant that fending off takeovers, real or imagined, was a constant distraction for executives at all corporations seen as choice acquisition targets during this era. The chain reaction of rapid growth through acquisitions could not last forever. When interest rates rose to offset rising inflation, conglomerate profits began to fall. The beginning of
5952-404: The hospitality. In March, Vaz was ordered to fully co-operate with a new inquiry launched into his financial affairs by Elizabeth Filkin , who was Parliamentary Commissioner for Standards at the time. Foreign Secretary Robin Cook , Vaz's superior, also urged him to fully answer allegations about his links with the Hinduja brothers. Mr Vaz met Mrs Filkin on 20 March to discuss a complaint that
6045-477: The independent inquiry into the Hinduja passport affair, after Blair declared that the FCO minister Keith Vaz had not done "anything wrong". On the same day, Vaz told reporters that they would "regret" their behaviour once the facts of the case were revealed. "Some of you are going to look very foolish when this report comes out. Some of the stuff you said about Peter, and about others and me, you'll regret very much when
6138-835: The investigation into the Bofors scandal , in which Swedish firm Bofors was alleged to have paid illegal bribes to government officials and politicians in connection with the US$ 1.3 billion sale of 400 howitzers to the Indian Government in 1986. The three brothers were charged by the Indian Central Bureau of Investigation in October 2000, but in 2005 the High Court in Delhi threw out all charges against them, citing
6231-474: The military might have planted the bomb. In February 2000, the Parliamentary standards watchdog Elizabeth Filkin began an investigation after allegations that Vaz had accepted several thousand pounds from a solicitor, Sarosh Zaiwalla , which he had failed to declare. The allegations were made by Andrew Milne, a former partner of Zaiwalla, and were denied by both Vaz and Zaiwalla. He was censured for
6324-470: The misuse of company assets and receiving embezzled company assets". It also covered Auchi's associate Nasir Abid and stated that, if found guilty of the alleged offences, both men could face 109 years in jail. Vaz was a director of the British arm of Auchi's corporation, General Mediterranean Holdings (GMH), whose previous directors had included Lords Steel and Lamont , and Jacques Santer . Vaz used his political influence on GMH's behalf; this included
6417-503: The most powerful private economic conglomerate in 1920s Europe – Stinnes Enterprises – which embraced sectors as diverse as manufacturing, mining, shipbuilding, hotels, newspapers, and other enterprises. The best-known British conglomerate was Hanson plc . It followed a rather different timescale than the U.S. examples mentioned above, as it was founded in 1964 and ceased to be a conglomerate when it split itself into four separate listed companies between 1995 and 1997. In Hong Kong, some of
6510-652: The new businesses they had recently purchased, and by the mid-1970s most conglomerates had been reduced to shells. The conglomerate fad was subsequently replaced by newer ideas like focusing on a company's core competency and unlocking shareholder value (which often translate into spin-offs ). In other cases, conglomerates are formed for genuine interests of diversification rather than manipulation of paper return on investment. Companies with this orientation would only make acquisitions or start new branches in other sectors when they believed this would increase profitability or stability by sharing risks. Flush with cash during
6603-433: The part of killers engaged in 'casual sadism' and murder." Vaz has also criticised Bully , which had a pre-release screenshot showing three uniformed pupils fighting and kicking. In 2005, he asked Geoff Hoon : "Does the leader of the house share my concern at the decision of Rockstar Games to publish a new game called Bully in which players use their on-screen persona to kick and punch other schoolchildren?" Due to
6696-463: The period leading up to last Wednesday's vote. I wanted you to know how much I appreciated all your help. I trust that it will be appropriately rewarded! ... With thanks and best wishes, Geoff. Vaz wrote to the Press Council complaining the story was inaccurate, that the letter had been obtained by subterfuge and that he had not been contacted before the story was published. The complaint
6789-473: The police did not believe Vaz's mother ever received the phone call and the person who came closest to being prosecuted was not Eggington but Vaz. Gargan said that the police had considered a range of possible offences, including wasteful employment of the police, and an attempt to pervert the course of justice. Leicestershire Police eventually decided not to prosecute. "We cannot rule out a tactical motivation for Mr Vaz's contact with Leicestershire Constabulary but
6882-468: The process can take up to two years, he replied, "It is not unusual." On 29 January, the government confirmed that the Hinduja Foundation had held a reception for Vaz in September 1999 to celebrate his appointment as the first Asian Minister in recent times. The party was not listed by Vaz in the House of Commons Register of Members' Interests and John Redwood , then head of the Conservative Parliamentary Campaigns Unit, questioned Vaz's judgement in accepting
6975-714: The production of electronics such as televisions. While not a keiretsu, Sony is an example of a modern Japanese conglomerate with operations in consumer electronics , video games , the music industry , television and film production and distribution , financial services , and telecommunications . In China, many of the country's conglomerates are state-owned enterprises , but there is a substantial number of private conglomerates. Notable conglomerates include BYD , CIMC , China Merchants Bank , Huawei , JXD , Meizu , Ping An Insurance , TCL , Tencent , TP-Link , ZTE , Legend Holdings , Dalian Wanda Group , China Poly Group , Beijing Enterprises , and Fosun International . Fosun
7068-477: The same day, Vaz told reporters that they would "regret" their behaviour once the facts of the case were revealed. "Some of you are going to look very foolish when this report comes out. Some of the stuff you said about Peter, and about others and me, you'll regret very much when the facts come out," he said. When asked why the passport application of one of the Hinduja brothers had been processed more quickly than normal, being processed and sanctioned in six months when
7161-406: The transaction was " accretive to earnings." The relatively lax accounting standards of the time meant that accountants were often able to get away with creative mathematics in calculating the conglomerate's post-acquisition consolidated earnings numbers. In turn, the price of the conglomerate's stock would go up, thereby re-establishing its previous price-earnings ratio, and then it could repeat
7254-537: The violent video game Counter-Strike ". The EDM also noted that the game had been previously banned in Brazil and also been associated with US College Campus massacres in 2007. It called on the Government to ensure the purchase of video games by minors was controlled and that parents were provided with clear information on any violent content. In July 2007, Vaz was elected as the chair of the Home Affairs Select Committee . Select committee members are usually proposed by
7347-669: The wealthiest people in the United Kingdom. In May 2023, company patriarch Srichand Hinduja died. In October 2024, the Hinduja family was ranked 11th on the Forbes list of India’s 100 richest tycoons, with a net worth of $ 22 billion. The company was founded in 1914 by Parmanand Deepchand Hinduja , who was from a Sindhi family based in India. Initially operating in Shikarpur (in modern-day Pakistan ) and Bombay , India, he set up
7440-425: The well-known conglomerates include Jardine Matheson (AD1824), Swire Group (AD1816), (British companies, one Scottish one English; companies that have a history of over 150 years and have business interests that span across four continents with a focus in Asia.) C K Hutchison Whampoa (now CK Hutchison Holdings ), Sino Group , (both Asian-owned companies specialize business such as real estate and hospitality with
7533-668: The whole process with a new target. In plain English, conglomerates were using rapid acquisitions to create the illusion of rapid growth. In 1968, the peak year of the conglomerate fad, U.S. corporations completed a record number of mergers: approximately 4,500. In that year, at least 26 of the country's 500 largest corporations were acquired, of which 12 had assets above $ 250 million. All this complex company reorganization had very real consequences for people who worked for companies that were either acquired by conglomerates or were seen as likely to be acquired by them. Acquisitions were
7626-601: The youngest brother, Ashok, oversees the Indian interests. The group employs over 200,000 people and has offices in many major cities around the world including in India. In 2017, Srichand and Gopichand Hinduja were described as the wealthiest men in Britain with an estimated wealth of £ 16.2 billion in the Sunday Times Rich List 2017 . In 2015, at The Asian Awards , the Hinduja brothers were honoured with
7719-558: Was alleged by arms campaigner Mark Thomas that this contravened UK arms export legislation, as a number of the company's directors were UK residents or citizens. In June 2024, a human trafficking trial began in Switzerland against four members of the Hinduja family, who were accused of exploiting household staff at their lakeside villa in Geneva , by reportedly paying as little as $ 8 for workdays lasting 15 to 18 hours and confiscating their passports. The allegations were refuted by
7812-411: Was appointed a Minister. In a statement to The Observer , a GMH spokesman said that Vaz had been invited to become a GMH director in January 1999, yet company accounts showed Vaz as a director for the financial year ending December 1998. Labour confirmed in May 2001 that Auchi had called Vaz at home about the arrest warrant to ask him for advice. A spokesman said that Vaz "made some factual inquiries to
7905-572: Was elected as the Member of Parliament for Leicester East by defeating the sitting Tory MP Peter Bruinvels with a majority of 1,924. Three other Labour Party Black Sections members, Diane Abbott , Paul Boateng and Bernie Grant , entered the House of Commons at the same election. Vaz was re-elected in 1992 (majority of 11,316), 1997 (majority of 18,422), 2001 (majority of 13,442), 2005 (majority of 15,867), 2010 (majority of 14,082), 2015 (majority of 18,352) and 2017 (majority of 22,428). Vaz has held
7998-462: Was formed in 1981 from the merger of Fletcher Holdings , Challenge Corporation, and Tasman Pulp & Paper, in an attempt to create a New Zealand-based multi-national company. At the time, the newly merged company dealt in construction, building supplies, pulp and paper mills, forestry, and oil & gas. Following a series of bungled investments, the company demerged in the early 2000s to concentrate on building and construction. In Pakistan , some of
8091-719: Was given the role of Shadow Junior Environment Minister with responsibility for planning and regeneration, his first frontbench role. He remained in this position until 1997, when he was given his first Government post as the Parliamentary Private Secretary to the Attorney General and Solicitor General. Vaz then served as the Parliamentary Secretary to the Lord Chancellor's Department between May and October 1999. This
8184-487: Was on its way out. The stock market eventually figured out that the conglomerates' bloated and inefficient businesses were as cyclical as any others—indeed, it was that cyclical nature that had caused such businesses to be such undervalued acquisition targets in the first place —and their descent put "the lie to the claim that diversification allowed them to ride out a downturn." A major selloff of conglomerate shares ensued. To keep going, many conglomerates were forced to shed
8277-547: Was quickly followed by his appointment as the Minister for Europe, Foreign and Commonwealth Office. He served in this position from October 1999 and June 2001. Other positions he held included as an elected member of the National Executive Committee and as the vice-chair of Women, Race and Equality Committee of the Labour Party. He held both of these positions since March 2007. Since 2000, he has been
8370-419: Was rejected as the article made it clear that the reports of an honour were just speculation which Vaz had already publicly denied. In September 2008, Vaz faced pressure to explain why he failed to declare an interest when he intervened in an official investigation into the business dealings of a close friend, solicitor Shahrokh Mireskandari, who has played a role in several racial discrimination cases against
8463-536: Was revealed that UK government Minister Peter Mandelson had telephoned Home Office minister Mike O'Brien on behalf of Srichand Hinduja, who was at the time seeking British citizenship, and whose family firm was to become the main sponsor of the "Faith Zone" in the Millennium Dome . Consequently, on 24 January 2001 Mandelson resigned from the Government for a second time, insisting he had done nothing wrong. An independent enquiry by Sir Anthony Hammond came to
8556-579: Was revealed that Vaz had assisted Anglo- Iraqi billionaire Nadhmi Auchi in his attempts to avoid extradition to France. Opposition MPs called for an investigation into what one dubbed "Hinduja Mark II". Auchi was wanted for questioning by French police for his alleged role in the Elf Aquitaine fraud scandal which led to the arrest of a former French Foreign Minister. The warrant issued by French authorities in July 2000 accused Auchi of "complicity in
8649-485: Was selected as prospective parliamentary candidate for the Leicester East constituency. She was elected to Leicester City Council as a Labour councillor and served on the council for 14 years. While in Aden, Vaz was educated at St Joseph's Convent. In England, he attended Latymer Upper School , Hammersmith , followed by Gonville and Caius College, Cambridge , where he read law. He graduated from Cambridge University with
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