No action will be taken against Sir Norman Bettison, the former chief constable, over the alleged theft and handling of platinum, the Crown Prosecution Service has confirmed.
Last July, an investigation by Derbyshire Police ruled there was no case to answer over a claim Sir Norman was involved in selling platinum wire to a Sheffield company in 1987 when he was an inspector with South Yorkshire Police.
The matter was subsequently reviewed by the Crown Prosecution Service which said: "An essential legal element of the alleged offences is that the prosecution must be able to prove that the goods in question were in fact stolen. There was insufficient evidence to establish this."
Sir Norman quit as chief constable of West Yorkshire Police in 2012 amid controversy over his alleged role in the Hillsborough cover-up, in which he has vehemently denied any wrongdoing.
The former chief constable of Merseyside is currently being investigated by the Independent Police Complaints Commission over Hillsborough and also the public inquiry into the murder of Stephen Lawrence.
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