The Pru set for Treasury clash
Tuesday 14 February 1995
The Pru disputes the account of a meeting last October between Mr Newmarch and Kenneth Clarke, Chancellor of the Exchequer. Mr Clarke and Mr Newmarch discussed the report by the Securities and Investments Board into pension transfers that is at the centre of the imbroglio surrounding Mr Newmarch's share dealings and his subsequent resignation.
Mr Newmarch exercised and sold more than 200,000 share options, making a profit of more than £200,000, on the day the SIB report was published.
In a preliminary finding last Wednesday the Stock Exchange found the company, Mr Newmarch and Prudential's chairman, Sir Brian Corby, in breach of its model code governing share dealings by directors.
The company is continuing to defend vigorously its behaviour. It maintains that the details of the SIB report were widely known before publication and did not constitute price-sensitive information.
As part of its argument, it disputes the Treasury version of the meeting between Mr Clarke and Mr Newmarch. It is understood that David Prosser, chief executive of Legal & General, who was also present at the meeting, has written to the Stock Exchange backing Mr Newmarch's version of events.
Senior Treasury officials are due to give evidence tomorrow to a Stock Exchange committee hearing Prudential's initial appeal against censure. Insiders at the Pru still believe the company, Mr Newmarch and Sir Brian, who authorised the share deal, will be exonerated finally.
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Shock poll shows voters believe Ukip is to the left of the Tories
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Germany sees 'visible rise' in support for far-right extremism in response to perceived 'Islamisation' of the West
iJobs Money & Business
£32000 - £35000 per annum + benefits: Ashdown Group: Marketing Services Manage...
£Neg. (DOE) + Excellent Benefits: Guru Careers: A Finance Account Manager with...
£40000 - £470000 per annum + bonus: Ashdown Group: Java Developer / J2EE Devel...
£45000 - £55000 per annum + Benefits: Ashdown Group: An exciting opportunity h...