YESTERDAY's swoop on some 100 offices linked to the Allied Group came about as a result of information unearthed by Nicholas Allen in the course of his probe into transactions within the group and its partners.
The 500-page report tabling his findings has been with the Financial Secretary, Hamish Macleod, since August 28, and has already cost $41 million in public funds.
Mr Allen, of Coopers and Lybrand, was appointed on August 12 to conduct the investigation into Allied Group and nine linked companies.
He was appointed by the Financial Secretary under Section 143 of the Companies Ordinance (Chapter 22) to investigate the affairs of Allied Group, Allied Properties, Crusader Holdings, Paragon Holdings and Wai Yick.
The Financial Secretary directed Mr Allen to investigate and report on, in particular, big transactions - including acquisitions and disposals of assets, loans and guarantees, and grant of options) entered into by the companies or their subsidiarie s since January 1, 1990.
Mr Allen was also requested to investigate and report on dealings over the same period by the companies and each others' subsidiaries and in shares of Allied Industries International, Asia Securities International, Paramount Printing, Santai Manufacturing and Tung Wing Steel Holdings.
Apart from Allied Industries, all have been sold off.