Graphite Enterprise Trust, formerly the Foreign & Colonial Trust, will consider taking action to recover money lost in the collapse of scandal-struck Independent Insurance. The insurer's provisional liquidation, a week after its shares were suspended on June 11, wiped 32% off the value of Graphite's quoted portfolio.

The trust, which invests in quoted and unquoted stocks, held 4.25 million shares worth £16.9m (€26.9m) at the beginning of the year. Graphite registered a net fall of £32.6m in its half-year results last week. More than half of that decline was attributable to its stake in Independent Insurance.