A former Island resident who was a key player in a multi-million pound fraud looks likely to keep around ?10 million earned through his dealings.

Peter Henwood was one of those at the centre of the Barlow Clowes affair which is estimated to have cost investors more than ?90 million.

Barlow Clowes collapsed in 1988 after it emerged that co-founder Peter Clowes had spent more than ?100 million of clients’ money on private aircraft, cars, homes and a luxury yacht.

Mr Clowes was jailed for ten years for his role in the scam, but served just four.

Stuart Peters reports (text, below, from attached audio file):

Peter Henwood ran the International Trust Corporation from the Isle of Man which helped Barlow Clowes in the scam.

He fled to Mauritius in 1992, where he has lived since.

Earlier this week, London’s High Court ruled creditors couldn’t pursue him there to serve a bankruptcy petition because that country’s laws don’t allow bankruptcy proceedings against anybody who isn’t carrying on business there.

The court ruled Mr Henwood was now permanently resident on the Indian Ocean island, and so is protected from UK bankruptcy laws.

(Image: A library picture of Mauritius).