DTI to probe IT firm
Sunday 31 August 1997
The "pathfinder" inquiry will discover the facts behind Display.IT's share price collapse and its failure to produce evidence of a publicised sales contract with Alsina, a mysterious Luxembourg-based company, and establish whether grounds exist for a full-blown investigation into the company.
The DTI has the power to ban directors, to prosecute for insider dealing in the shares of a company and for other criminal offences. One of the areas the DTI will be examining closely is whether there has been any breach of Section 447 of the Financial Services Act, which concerns market manipulation of a company's share price.
On Friday, caretaker directors of Display.IT, David Ward, and Dr H Hanif, held an extraordinary meeting at the company's offices to present plans for the future. At the meeting - which was standing room only - John Jenkins, the chief executive of JP Jenkins, the stockbroking company that runs Ofex, the share trading facility on which Display.IT was quoted, told shareholders that the shares would not be delisted in the immediate future but would remain suspended for another two-week grace period while the company attempted to sort out its affairs.
The press and non-shareholders were banned from the meeting, which was attended by Peter Levin, the founder and former chief executive who left the board earlier this month.
- 1 Isis propaganda video shows 25 Syrian soldiers executed by teenage militants in Palmyra
- 2 Number of young homeless people in Britain is 'more than three times the official figures'
- 3 The map showing the most dangerous tourist destinations in Europe, according to the Foreign Office
- 4 Right to die: Belgian doctors rule depressed 24-year-old woman has right to end her life
- 5 The biggest first date turnoff has been revealed
Isis propaganda video shows 25 Syrian soldiers executed by teenage militants in Palmyra
Number of young homeless people in Britain is 'more than three times the official figures'
Van driver who comforted Clark Carlisle and called 999 after suicide attempt dies age 24
Greece debt crisis explainer: A history of just how the country landed itself in such a mess
Greece debt crisis referendum: Greeks want to vote No to austerity – but Yes to Europe
More Britons believe that multiculturalism makes the country worse - not better, says poll
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
'I wish the BBC would stop calling it Islamic State' – David Cameron unleashes frustration at broadcaster
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
iJobs Money & Business
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...
£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...
£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....
£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...