§ Mr. PageTo ask the Chancellor of the Duchy of Lancaster why he has announced the appointment of inspectors to investigate possible contravention of the insider dealing legislation in relation to the securities of Peachey Property plc; and why when doing so he made reference to any transaction with which Mr. John Ritblat, chairman of British Land plc. may have been connected.
§ Mr. MaudeMy right hon. and noble Friend decided that the appointment of inspectors in this case was necessary in the light of information provided. Such information is received from various sources including the stock exchange. It has been the practice for some time to announce such appointments where the fact that a particular person would be involved in an investigation might, if it became known, be likely to affect the share price of a company with which he is connected. The purpose — to which the stock exchange as the listing authority attaches importance—is to avoid a disorderly market in the shares of the company through such information becoming known only gradually and partially. The appointment of inspectors carries no implication of guilt, but only of the existence of circumstances needing investigation.