Deep Purple Sue Accountant Over Missing Millions Of Dollars 2017 In Review

12-20-2017
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Deep Purple

(hennemusic) Deep Purple Sue Accountant Over Missing Millions Of Dollars was a top 17 story of January 2017: Deep Purple are suing longtime account Dipak Shanker Rao after discovering that nearly $5 million dollars is missing following a review of their company's books.

The Times reports principal band members Ian Gillan, Roger Glover, Ian Paice and the estate of Jon Lord have filed a lawsuit in London's High Court accusing Rao of siphoning off up to 4 million in royalties from their financial companies, HEC Enterprises and Deep Purple (Overseas) Ltd.

The High Court have frozen Rao's assets after he admitted "borrowing" or "lending" at least 2.27 million of the company's money. Only 477,000 has been recovered to date, while both companies went into administration (bankruptcy) a year ago.

The funds were discovered missing during a review of the group's books after former Deep Purple guitarist Ritchie Blackmore sued the companies last year, alleging that he was owed 750,000 in unpaid royalties. Read more here.

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Copyright hennemusic - Excerpted here with permission.

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