Ex-BT boss stripped of OBE af­ter in­sider trad­ing scan­dal

The Daily Telegraph - Business - - Business - By Ben Woods

A FORMER fi­nance direc­tor at BT who was im­pli­cated in an in­sider trad­ing scan­dal has been stripped of his OBE.

Hanif Lalani was slapped with a €1.5m (£1.4m) fine by the French stock mar­ket reg­u­la­tor eight years ago fol­low­ing BT’s in­vest­ment in the IT ser­vices com­pany Net2S.

BT seized 68.6pc of Net2S in Oc­to­ber 2007, the same month Mr Lalani be­came the boss of BT’s net­work ser­vices arm, Global Ser­vice.

It was later re­vealed his rel­a­tives had bought shares in the Paris-based com­pany in ex­pec­ta­tion of BT’s of­fer.

The Au­torité des marchés fi­nanciers (AMF) fined five mem­bers of Mr Lalani’s ex­tended fam­ily €4.6m. An an­nounce­ment in the London

Gazette on Fri­day said the OBE awarded to Mr Lalani on Dec 31 2002 had been “can­celled and an­nulled”. Mr Lalani could not be reached for com­ment.

A BT spokesman said: “BT wasn’t in­volved in the le­gal cases as they re­lated to the per­sonal ac­tions of a former em­ployee. It would there­fore be in­ap­pro­pri­ate for us to com­ment.”

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