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.
- 2 The West has it totally wrong on Lee Kuan Yew
- 3 #FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
- 4 Scientists have discovered a simple way to cook rice that dramatically cuts the calories
Germanwings captain Patrick Sondenheimer tried to break into locked cockpit door 'with an axe' as plane was descending
Amanda Knox murder conviction: Italian court overturns verdict for US student and Raffaele Sollecito in the killing of Meredith Kercher
Saudi Arabia says it won't rule out building nuclear weapons
The battle for the Middle East's future begins in Yemen as Saudi Arabia jumps into the abyss
#FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
Nigel Farage brands LGBT activists 'filth' and 'scum' and accuses them of scaring away his children after they invade his local pub
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Russia threatens Denmark with nuclear weapons if it tries to join Nato defence shield
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Germanwings plane crash live: Co-pilot Andreas Lubitz wanted to 'do something people would remember him for'
iJobs Money & Business
Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...
Negotiable: Recruitment Genius: You will be the first point of contact for all...
£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...
£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...