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The Chinese language proprietor of Stemcor, the historic British metal dealer, is exploring a sale lower than a 12 months after it final modified arms.
Sky Information has learnt that Stemcor, which was based by the daddy of Dame Margaret Hodge, the veteran Labour MP, has been the topic of discussions a couple of contemporary change of possession in current weeks.
The corporate, which is now headquartered in Jersey, has been owned by ShouYe Holdings, a Hong Kong-based entity, since final July.
It was beforehand a part of Cedar Holdings Group, a mainland Chinese language firm which was reported early final 12 months to be struggling to repay its money owed.
Stemcor was based in 1951 by Hans Oppenheimer, a German immigrant to the UK who constructed it into a world powerhouse in metal buying and selling and stockholding.
Nevertheless, it bumped into monetary issue after the 2008 monetary disaster, and was compelled right into a radical debt restructuring.
It was finally cut up into two corporations, with the opposite – Moorgate Industries – principally comprising belongings in India.
The enterprise was based by Dame Margaret Hodge’s father
Dame Margaret, a long-standing critic of the tax avoidance ways employed by multinational corporations, was reported in 2015 to have been a beneficiary of the winding-up of a Liechtenstein basis which held shares in Stemcor.
She mentioned on the time that she had “paid all related taxes in full”.
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Neither she nor any members of her household maintain any residual curiosity in Stemcor.
Stemcor declined to remark.
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