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 The man who filmed the Freddie Gray video has been arrested at gunpoint
- 4 How the language you speak changes your view of the world
General Election 2015: Fishing is on Nigel Farage's mind as he casts a line to the disaffected of Grimsby
The man who filmed the Freddie Gray video has been arrested at gunpoint
Indonesia executions: Death row British grandmother Lindsay Sandiford will refuse to wear a blindfold when she faces firing squad
Oxygen-starved 'dead zones' with no marine life up to 100-miles long discovered in the Atlantic Ocean
Russian warships accused of 'chasing away' Swedish vessel to prevent Baltic States from achieving energy independence
Over 50,000 families shipped out of London boroughs in the past three years due to welfare cuts and soaring rents
EU asylum policy is 'a direct threat to our civilisation', says Nigel Farage
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: SNP and its activists 'openly racist' towards the English, Farage says
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
iJobs Money & Business
£16000 - £18500 per annum: Recruitment Genius: This is an excellent opportunit...
£24000 - £28000 per annum: Recruitment Genius: A Senior SEO Executive is requi...
£16000 - £18000 per annum: Recruitment Genius: An Online customer Service Admi...
£18000 - £22000 per annum: Recruitment Genius: This global, industry leading, ...