During the company's early days, Rhodes and his associates set themselves up to make millions (hundreds of millions in current pounds) over the coming years through what has been described as a ""suppressio veri" ... which must be regarded as one of Rhodes's least creditable actions". Contrary to what the British government and the public had been allowed to think, the Rudd Concession was not vested in the British South Africa Company, but in a short-lived ancillary concern of Rhodes, Rudd and a few others called the "Central Search Association", which was quietly formed in London in 1889. This entity renamed itself the "United Concessions Company" in 1890, and soon after sold the Rudd Concession to the Chartered Company for 1,000,000 shares. When Colonial Office functionaries discovered this chicanery in 1891, they advised Secretary of State for the Colonies Knutsford to consider revoking the concession, but no action was taken.