Ex-BT boss stripped of OBE after insider trading scandal
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.”