Film company financier banned from industrypublished at 09:31 British Summer Time 30 May 2018
Chris Rayner
BBC Radio Jersey Political Reporter
Jersey's Royal Court has upheld a ban on a financier whose involvement in a film company set up by one of the Beatles lost millions of pounds.
David Francis was involved in taking over Handmade Films which became insolvent five years ago.
Handmade Films was set up by George Harrison and funded the Monty Python film The Life of Brian.
It went on to make a string of hits including Time Bandits, the Long Good Friday and Lock, Stock and Two Smoking Barrels. But by 2010, it needed substantial investment to keep going.
David Francis, CEO of the Jersey-based Horizon Group, set up a number of investment companies to funnel money into Handmade, eventually buying it out.
But an investigation by the Jersey Financial Services Commission , externalfound investors were not informed about the precarious nature of Handmade Films or that the company was on the verge of insolvency.
The commission banned Mr Francis's from working in the island's finance industry for any registered person, which was upheld by the Royal Court, external.
The ban will remain in place until the commission grants him a successful application to withdraw it.