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Ex-Belgo executive convicted of insider trading

26 February 2009 by
Ex-Belgo executive convicted of insider trading

A former senior executive at restaurant group Belgo has been convicted of insider trading.

Former operations manager Tim Power admitted to leaking price-sensitive information ahead of key events.

A co-defendant, businessman Euan Carlisle, who was accused of using the information to buy shares, was acquitted at Southwark Crown Court.

Power was convicted last week but this could not be reported until the trial of Carlisle was completed.

The Londoner, who was involved in the takeovers of several famous restaurants including the Ivy, Le Caprice and Daphne's, was accused of passing market-moving data to Carlisle about the £10m takeover of Belgo in December 1997 and three acquisitions the following May.

The 43-year old is expected to be sentenced next month, although he has already been told he will not be jailed.

The current owner of Belgo, restaurant group Tragus, declined to comment.

Former Belgo executive goes on trial >>

Former Belgo executive faces insider dealing charges >>

Power quits Belgo after profits alert >>

Ex-Belgo boss found guilty of tax disc fraud >>

By Daniel Thomas

E-mail your comments to Daniel Thomas here.

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