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.
- 1 Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
- 2 Prince held a Facebook Q&A and this is the only question he answered
- 3 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
- 4 Now we know whose fault it is if you end up being murdered in Thailand
- 5 35,000 walrus gather ashore on north-west Alaska beach 'for a rest'
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Should gay sex be illegal? 16% of Britons think so
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Benefits 'smart cards' plan revealed by Iain Duncan Smith to stop claimants spending welfare money on alcohol
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...