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| Version 2 | Version 3 |
|---|---|
| Former restaurant boss convicted | Former restaurant boss convicted |
| (about 5 hours later) | |
| A former boss of upmarket restaurant chain Belgo has pleaded guilty to insider trading, it can be revealed. | A former boss of upmarket restaurant chain Belgo has pleaded guilty to insider trading, it can be revealed. |
| Tim Power, 43, from East Sheen in south-west London, admitted leaking price-sensitive information about the sale of the business in 1997. | |
| Power's co-defendant, businessman Euan Carlisle, 48, was cleared at Southwark Crown Court of eight counts of insider trading involving Belgo shares. | |
| Power is to be sentenced in March, but has been told he will not go to prison. | |
| It was while operations manager of Belgo - a Belgian "mussels and frites" chain - that Power flouted strict City rules. | |
| At the time he was also married to Chantal Brenninkmeyer, an heiress to the Dutch dynasty behind the C&A shop chain. | At the time he was also married to Chantal Brenninkmeyer, an heiress to the Dutch dynasty behind the C&A shop chain. |
| The court was told that it was Ms Brenninkmeyer's lover, a man named Tim Lowe, who "blew the whistle" on Power's activities. | The court was told that it was Ms Brenninkmeyer's lover, a man named Tim Lowe, who "blew the whistle" on Power's activities. |
| Takeovers | Takeovers |
| Prosecutors said that both insider breaches involved confidential information that only "those on the inside" could have known. | Prosecutors said that both insider breaches involved confidential information that only "those on the inside" could have known. |
| Sarah Whitehouse, prosecuting, said Power first broke the law when he revealed that cash shell Lonsdale Holdings was to pay £9.8m to become Belgo's new owner. | Sarah Whitehouse, prosecuting, said Power first broke the law when he revealed that cash shell Lonsdale Holdings was to pay £9.8m to become Belgo's new owner. |
| When the takeover became public knowledge, Lonsdale's shares quickly rose in value. There was a gentleman called Tim Lowe who blew the whistle to the Stock Exchange Simon WilliamsFormer Department of Trade and Industry investigator | |
| A few months later, Belgo decided to take over three other upmarket London restaurants - Daphne, The Collection and Pasha. | A few months later, Belgo decided to take over three other upmarket London restaurants - Daphne, The Collection and Pasha. |
| Again, prosecutors said, Power disclosed what was going on, this time causing Belgo's share value to climb. | Again, prosecutors said, Power disclosed what was going on, this time causing Belgo's share value to climb. |
| The case follows a long investigation begun by the former Department of Trade and Industry, now the Department for Business, Enterprise and Regulatory Reform. | The case follows a long investigation begun by the former Department of Trade and Industry, now the Department for Business, Enterprise and Regulatory Reform. |
| The court was told by lawyer Simon Williams, formerly an investigator for the DTI, how Power's actions had emerged. | |
| "There was a gentleman called Tim Lowe who blew the whistle to the Stock Exchange about activities he alleged occurred," Mr Williams said. | |
| "From recollection, I think there was someone called Chantal Brenninkmeyer who had been married to Mr Power and had some association with Mr Lowe, a love triangle or whatever you want to call it." | |
| 'Striking lucky' | 'Striking lucky' |
| Power said he had disclosed the sensitive financial information to acquaintance and company director Mr Carlisle, whom prosecutors said made a "handsome profit" from Belgo and Lonsdale shares. | Power said he had disclosed the sensitive financial information to acquaintance and company director Mr Carlisle, whom prosecutors said made a "handsome profit" from Belgo and Lonsdale shares. |
| The court heard that Mr Carlisle's defence amounted to him "striking lucky" while legitimately using his stock market knowledge. | The court heard that Mr Carlisle's defence amounted to him "striking lucky" while legitimately using his stock market knowledge. |
| Judge James Wadsworth QC directed jurors to return not guilty verdicts on all counts against him, saying they could not be sure what information had been passed to him or where it had come from. | Judge James Wadsworth QC directed jurors to return not guilty verdicts on all counts against him, saying they could not be sure what information had been passed to him or where it had come from. |
| Power, a former barman who climbed the ranks and once boasted he would be "bigger" than restaurateur Sir Terence Conran, regularly rubbed shoulders with pop stars, footballers and tycoons. | Power, a former barman who climbed the ranks and once boasted he would be "bigger" than restaurateur Sir Terence Conran, regularly rubbed shoulders with pop stars, footballers and tycoons. |
| In 2001, he was sentenced to 120 hours of community service for failing to register a personalised number plate spelling 'P9WER' on his £70,000 Ferrari. | In 2001, he was sentenced to 120 hours of community service for failing to register a personalised number plate spelling 'P9WER' on his £70,000 Ferrari. |
| The following year he was given two years' jail for theft and obtaining money by deception. | The following year he was given two years' jail for theft and obtaining money by deception. |
| The current owner of Belgo, restaurant group Tragus, declined to comment. |