Parrot Corporation Limited was a British floppy diskette manufacturer formed in 1983, that operated from Llantarnam Industrial Park in Cwmbran, south Wales.

[4] Parrot Corporation was set up in 1983 as the only British based fully integrated manufacturer of floppy diskettes for personal computers,[1] a start-up venture funded partly by the WDA.

[2] Financial problems were experienced in 1985 due to the decline in the market price for diskettes, the poor performance of the pound against the dollar, the increasing costs of equipment, the delay in the construction of the Cwmbran factory and late funding by the WDA.

[3] An internal investigation carried out by the company secretary discovered that £2 million of the ECSC loan was missing from the Parrot accounts.

[2] Due to this irregularity, Peters was fired by the company and subsequently arrested and questioned by the British police regarding the missing funds.

[3] The Secretary of State for Wales was criticised for failing to ensure proper financial controls were in place within the WDA.

[3] Changes were made by the Secretary of State for Wales to the WDA's employment policies to prevent future conflicts of interest.

[1] The line did not start production until late 1989 and due to these delays and the collapse of diskette prices during this period, they suffered additional financial losses.

[4] Peters was also convicted by the jury for his role in a scheme to divert valuable assets from the bank, which involved returning cheques payable to World Auto Parts to customers, asking that these cheques be redrafted to ITEC, a company that Peters had formed without the Chase Manhattan Bank's knowledge.