Goldshield win in the House of Lords

Political and Legal Posted on

Goldshield Group plc ("Goldshield" or the "Company") today announcedthat the House of Lords has given Judgment as to whether the pricefixing conduct alleged by the Serious Fraud Office against Goldshieldand others can, if proved, constitute a criminal offence. The House ofLords allowed Goldshield and the other defendants' appeal, and foundthat price fixing, of itself, does not amount to conspiracy to defraud.The House of Lords also held that, if the Serious Fraud Office wish toproceed with what is its longest ever case, it will have to review andamend its case to allege positive acts of deception. Goldshield's legalteam was led by Craig Shuttleworth of Jones Day, and David Pannick QCand Thomas de la Mare were instructed for Goldshield in the House ofLords.

Commenting on the Judgment, Keith Hellawell, Chairman of Goldshieldsaid, "This is an excellent result for the Company and we very muchhope, now that our appeal has succeeded before the highest court in theland, the Serious Fraud Office will bring an end to the criminalproceedings against Goldshield and not seek to amend its case. Giventhat the alleged events took place over a decade ago and as announcedlast week Goldshield has now settled all outstanding civil claims, itis now time for the Company to move on."

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