Dome's secretive boss loses £12bn

THE secretive American billionaire who was handed the Millennium Dome for nothing has lost $19bn (£12bn) on the stock market and faces mounting legal problems.

Philip Anschutz, 62, has been named in shareholder lawsuits over Qwest Communications, the embattled telecoms company he founded and which is under investigation by the US Justice Department, Securities Exchange Commission and Congress.

Anschutz's personal dealings, including the sale of almost £1bn in Qwest shares, have placed him at the centre of investigations into America's corporate accounting scandals. Qwest admitted last week that it had improperly accounted for more than $1bn during a period when insiders, including Anschutz, were selling shares.

Anschutz, a major contributor to the Republican Party of President George Bush, is likely to be called before Congressional committees later this year to be questioned about the timing of share sales, which Republican Senator John McCain last week referred to as 'massive'.

Shareholders and former employees have alleged in court that Anschutz, a director, former chairman and the biggest shareholder in Qwest, used 'non-public information' in his share-trading decisions to the detriment of other stockholders. Qwest and its executives deny wrongdoing.

Anschutz owns about 300m Qwest shares, which peaked at $64 in March 2000. Last week, they were selling for $1.44. The most recent estimate of his wealth, according to Forbes magazine, was $5bn, but Qwest shares have fallen further since then.

Executives close to Anschutz insist he will go ahead with plans to transform the Dome into a 20,000-seat sports and concert venue with surrounding land earmarked for 5,000 homes and shops.