§ Mr. Austin Mitchell
To ask the Secretary of State for Trade and Industry if he will list the individuals prosecuted by the Department of Trade and Industry for insider dealings since January 1979 and indicate how many prosecutions succeeded and how many failed.
§ Mr. Redwood
Insider dealing became a criminal offence in July 1980. Since then there have been prosecutions by the DTI (or by the Department of Trade) for insider dealing offences of 21 individuals where the case has been determined. Eleven were convicted, but the conviction of one of them was overturned on appeal. Information about these prosecutions is as follows:539W
Number of defendants Security(ies) Involved Date(s) of Offences or alleged Offences Outcome 2 Mercantile House Holdings plc 5 January 1987 One convicted, case against the other withdrawn 3 Press Tools plc 5 August 1987 All Acquitted 1 Piccadilly Radio plc 19 December 1988 Convicted 1 Wheway plc 10 November 1987 Acquitted 1 Centreway Industries plc 3 July 1987, 9 July 1987, 29 July 1987, 30 July 1987 Acquitted 1 Ealing Electro-Optics plc between 20 June 1988 and 20 July 1988 Acquitted 1 Minet Holdings plc 25 November 1987 Convicted
Prosecutions have also been concluded in the case of five other individuals. One of those prosecutions was by the procurator fiscal, two were by the Director of Public Prosecutions and two by the Crown prosecution service.