Co-op threatens to call in SFO over offshore payment

Article Abstract:

Co-operative Wholesale Society (CWS) is taking firm action against efforts by Andrew Regan to make a 1.2 billion pounds sterling takeover bid for the whole operation. It has expressed doubts about a 2 million pounds sterling made in 1995 by Lancia Trust, owned by Regan, to Ronald Zimet of Trellis International, a Cayman Islands company. Lancia states that this payment was made for help in negotiating an extension of the arrangement between CWS and Hobson, a food concern which Regan controlled. CWS directors Allan Green and David Chambers deny any knowledge of the payment.

Planning

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Co-op sees off Regan's 1.2bn pounds sterling bid

Article Abstract:

The Co-operative Wholesale Society (CWS) has begun legal action against entrepreneur Andrew Regan, who has seen his 1.2 billion pounds sterling attempt to break up CWS fail. Regan was to have received debt finance from Nomura International, but this bank withdrew its support from him because of concerns about the use of stolen documents in the bid. Civil action is to be taken by CWS against Hambros Bank, Regan's financial adviser, and against his law firm, Travers Smith Braithwaite.

Cases

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New general takes the field in trolley wars

Article Abstract:

Supermarket chain Sainsbury's has lost market share recently, but is determined to get back on course, according to Dino Adriano, deputy chief executive of the company's UK supermarket business. He is set to become chief executive in 1997 following the retirement of Tom Vyner. He welcomes the challenge presented by the company's current situation. He admits that it has made mistakes in the past, and is aware of the need to focus on the execution and communication of its strategies.

Interview, J Sainsbury PLC, Adriano, Dino

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