The Payne Investigation February 2003
The Board of Directors of Corpcapital appointed and paid for their own investigator, Mr Nigel Payne. Payne was appointed on 27 January 2003. He was to “conduct an independent investigation into the allegations raised in and the corporate governance issues arising from Mr Frangos’ letter of resignation dated 2 December 2002.” Payne completed his investigation and submitted a report to Corpcapital three weeks later. In order to secure the co-operation of Frangos, Payne made undertakings on the right of rebuttal, his independence, and the timing of the release of the report. Payne reneged on all of the undertakings. Frangos termed the report “a whitewash”.