THE line has been finally drawn under the attempted #1.2bn takeover of the
Co-operative Wholesale Society in 1997 with Hambros Bank and three of its executives being heavily fined for their part in the action.
The Securities and Futures Authority (SFA) said the bank and Nigel Pantling, Peter Large and Andrew Salmon had failed to act with ''due skill, care and diligence'' over confidential information which came into their possession during the takeover battle.
Hambros, which has since been bought by French bank Societe Generale, was fined #270,000, plus costs of #80,000. This is the second-largest penalty ever imposed by the SFA. The biggest was #300,000 paid by Swiss Bank Corporation for its part in the takeover of the Kepit investment trust.
Pantling, who was head of the corporate finance division at Hambros, and Large, a director in the division, were each fined #20,000. Salmon was fined #8000. They were also ordered to pay costs of #10,000 each.
Hambros acted as adviser to Andrew Regan who mounted the highly unwelcome bid for the mutual society.
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