Former Belgo executive goes on trial

16 February 2009 by
Former Belgo executive goes on trial

A former senior executive at restaurant group Belgo is to go on trial today accused of insider dealing.

Timothy Power, Belgo's former operations director, and his co-accused face a maximum of seven years in jail if convicted, reports The Times.

They are accused of taking advantage of inside information relating to the restaurant group's £9.8m takeover by Lonsdale Holdings in 1997.

The charges under section 52 of the criminal justice act relate to alleged leaking of price-sensitive information before the sale of Belgo in 1997 by TRM Tisch, where Power worked.

Charges also relate to the alleged ‘encouragement' of Euan Carlisle to deal in shares in Lonsdale Holdings, which acquired Belgo for £9.8m in 1997 and Belgo Group Plc.

Power is also accused of passing additional insider information to Carlisle in early 1998 when he was employed by Belgo.

The Londoner, who was involved in the takeovers of several famous restaurants including the Ivy, Le Caprice and Daphne's, denies all four counts of insider dealing.

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By Chris Druce

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