The legal technicality raised last week in the trial of Neel and Mathew Uberoi, who are each charged with 17 counts of insider dealing, has arisen again in the Financial Services Authority’s (FSA) separate insider trading case against Malcolm Calvert, a former partner at Cazenove. As a result, the Calvert case has been put on “hold.”
Last week, as discussed here, an issue was raised in the Uberoi case as to whether the FSA has the authority to launch prosecutions on its own without the consent of the Director of Public Prosecutions or Secretary of State.
According to the Times Online, Calvert’s lawyer persuaded the City of Westminster Magistrates Court that his case should be postponed until the legal challenge by the Uberois has been decided. A judge is reportedly due to rule on the issue next week.