Regan stole £2.4m, court told
12 April 2012
MONACO-BASED businessman Andrew Regan stole £2.4m from his own company to bribe two senior executives at the Co-operative Wholesale Society, a court was told.
Snaresbrook Crown Court heard that Regan, best known for his abortive £1.32bn attempt to buy the Co-op in 1997, denies bribing then Co-op marketing chief Allan Green and chief buyer David Cambers to extend a food supply contract with FE Barner, a subsidiary of listed food firm Hobson.
Green and Chambers deny receiving £1m each in 1995. The remaining £400,000 is alleged to have been paid to a third man.
Prosecuting QC Douglas Day said Regan, 35, had authorised the withdrawal of £2.4m from a FE Barber bank account, and misled the Hobson board as to the use of the money.
The case continues.
