Belgo executive convicted of insider trading
Thursday 26 February 2009
A former high-flying executive at the Belgian restaurant group Belgo has admitted insider trading.
Former operations manager Tim Power, 43, owned up to leaking price-sensitive information ahead of key events. A co-defendant, businessman Euan Carlisle, was acquitted at Southwark Crown Court.
Power was convicted last week but this could not be reported until the trial of Mr Carlisle, who was accused of using the information to buy shares, was completed. Power was accused of passing market-moving data to Mr Carlisle about the £10m takeover of Belgo in December 1997 and three acquisitions the following May.
The one-time multimillionaire had a glittering career at Belgo and married Chantal Brenninkmeyer, an heiress to the Dutch dynasty behind the C&A store chain. A lengthy investigation by the then Department of Trade and Industry (DTI) led to the court case.
Power, of Coval Road, East Sheen, London, is expected to be sentenced next month, although he has already been told he will not be jailed.
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