Director disqualified for 12 years for £26m pension fraud

The government's Insolvency Service disqualified Richard Williams, who bought the Yorkshire-based firm from Russian steel conglomerate OAO Severstal for £1, for 12 years. It found he had failed to "make sure CWL met its obligations to the CWL Defined Benefit Pension Scheme" caused a dormant company to "facilitate a series of transactions which enabled [OAO Severstal] to avoid its liabilities" to the scheme. It said the 500-member scheme had lost £26m as a result of Williams' actions. Steel cable manufacturing company CWL was bought by Russian company OAO Severstal in 2006. Seversta...