London Evening Standard: ‘Plumber’ seeks legal aid for appeal
“The setback comes only a week after former Shell chairman Sir Philip Watts said that he was taking the FSA to the tribunal for the way it allegedly pointed the blame at him when it fined Shell £17m for market abuse relating to oil reserves overstatements.”
James Rossiter,
Posted 21 September 2004
THE Financial Services Authority has suffered another major setback in its market abuse case against entrepreneur Paul ‘The Plumber’ Davidson.
An appeal by Davidson against a £750,000 fine imposed by the City watchdog was due to reconvene today but has been delayed indefinitely after a last-minute request from Davidson for the State to foot his legal bill.
The delay comes three months after the appeal was first suspended and the panel of tribunal members replaced when it emerged that one of them had discussed the case with his neighbour, then head of the FSA’s disciplinary committee.
Davidson, who once claimed to be worth between £60m and £65m, is trying to agree an individual voluntary arrangement with creditors, who include his solicitors, the Financial Services and Markets Tribunal has heard.
Questions are being raised in legal circles about whether the FSA will ever be able to recover the fine or any of its legal costs – understood to be in six figures and rising.
An FSA spokesman said: ‘We are obviously disappointed that it is not able to resume today and anxious that it is resumed as soon as possible.’
The setback comes only a week after former Shell chairman Sir Philip Watts said that he was taking the FSA to the tribunal for the way it allegedly pointed the blame at him when it fined Shell £17m for market abuse relating to oil reserves overstatements.
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