Archived press release

British Energy Lawyers Warn FOE Over Brussels Letters Leak

24 July 2003

Lawyers for nuclear generator, British Energy, have written to Friends of the Earth warning that it risks prosecution under "insider dealing" laws [1] for disclosure of leaked European Commission papers which show the true cost to the tax payer of Government plans to rescue the company.

British Energy's lawyers say that the documents contain "unpublished price sensitive information" which "could create what is loosely known as a false market in the company's securities". A number of national papers already appear to have a copy of the document and have already published information based on the leaked letter.

Tony Juniper, Executive Director at Friends of the Earth said:

"People have a right to know how much public money is being wasted propping up the ailing nuclear industry - especially as the state aid appears to be unlawful under European law. Far from creating a false market in British Energy stocks full disclosure of this type of information is surely the best way to ensure a `true market'. It is extraordinary that British Energy would resort to such heavy handed tactics to try to prevent the public from knowing how much it is costing the British tax payer to support this filthy behemoth."

Note

[1] Clifford Chance (lawyers for British Energy) wrote to Friends of the Earth warning them to be aware of a "host of issues relating to the creation of such a false market including those relating to the offences under the Criminal Justice Act 1993." The relevant provisions of the Criminal Justice Act 1993 provide that "an individual who has information as an insider is guilty of insider dealing if he discloses the information otherwise than in the proper performance of the functions of his employment, office or profession, to another person." (s.52) Importantly, the Act provides that information can only be `inside information' if it has not been made public and that a person has information `as an insider' only if he is, or if he received the information from, a director, employee or shareholder of the company.

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Published by Friends of the Earth Trust