PowerGen passes on its report to SFO
Tuesday 04 July 1995
PowerGen ordered the lawyers' investigation last month after allegations that the six netted pounds 3.5m from exercising share options when in possession of price sensitive information, the .
The company is currently suing the Observer newspaper for making allegations over the affair.
"Obviously each of the authorities can come back to us if they require further information," said a source close to the company.
The report by lawyers Freshfield is believed to have addressed the issue about whether a strategy report, prepared under the supervision of Dr Glyn Charlesworth, could be considered to have contained price sensitive information which the directors might have used to their advantage when deciding to exercise their share options.
The company says that Dr. Charlesworth's report was one of several and that its conclusions can not be considered to have been price sensitive, a view believed to be shared by the Stock Exchange's surveillance unit.
At the time of the Observer article Sir Colin Southgate, the company's non-executive chairman, issued a statement strongly rejecting any charges of improper conduct by the directors.
The Serious Fraud Office, while not taking a formal decision on the case, has indicated to witnesses that it is unlikely to take the matter further having been referred the allegations by the Metropolitan Police.
A PowerGen spokesman refused to comment.
However, supporters of Ed Wallis, the company's chief executive, pointed out that he has retained a sizeable holding in the company.
According to the last annual report Mr Wallis has retained a total of 84,000 shares and exercised options on around 280,000 more.
- 3 Russian girl takes her own life after parents find pornography on her computer
- 4 Ball pool for adults opens in London
- 5 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Kim Kardashian on Bruce Jenner's 'story': 'We support him no matter what, and I think when the time is right, he'll talk'
Michelle Obama highlights harsh restrictions faced by Saudi women after meeting King Salman without wearing a headscarf
Russian girl takes her own life after parents find pornography on her computer
Ball pool for adults opens in London
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
iJobs Money & Business
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...
Competitive salary & benefits!: MBDA UK Ltd: MBDA UK LTD Indirect Procurement...