UK Oil Execs Caught Price Rigging Cannot Be Prosecuted
2013 05 16

From: Telegraph

Oil company executives who are found to have manipulated the petrol price cannot be prosecuted, Downing Street admitted today.

Number 10 admitted that any change in the law to prosecute anyone for allegedly fixing the pump price would be forward-looking, and would not be able to hold to account any executives caught up in the current scandal.

David Cameron said he will urgently look at “extending criminal offences” to cover market manipulation in the energy sector, after BP and Shell were raided by European authorities on suspicion of rigging oil prices.

The Prime Minister said on Wednesday that any executives should face criminal prosecution if they are found to have fixed the price of petrol.

Amid fears that British motorists could have been duped into paying thousands of pounds too much for petrol over the past decade, Mr Cameron told the companies they will face the “full force of the law” if the accusations are true.

Ministers are under pressure to take action as the investigation already has echoes of last year’s Libor controversy, which saw banks falsely report key interest rates.

Following that scandal the Government created new laws which made it an offence to manipulate the benchmark mortgage interest rate.

But Number 10 admitted any prosecutions over any petrol price-fixing could only happen if the current rules were extended to include the energy sector, possibly through secondary legislation.

If this happened, any charges could not be applied retrospectively.

[...]

Read the full article at: telegraph.co.uk









Related Articles
PETROL executives should be JAILED if they are found to have ripped off millions of Brits


Latest News from our Front Page

Whistleblower: Margaret Thatcher knew all about underage sex ring
2014 07 29
Margaret Thatcher was told about alleged sex parties with under-age boys held by one of her closest aides claims her former personal bodyguard. Barry Strevens, who worked as the prime minister’s personal bodyguard, said that he passed on allegations about her confidant Sir Peter Morrison. The former senior police officer said that Lady Thatcher appointed Sir Peter deputy party chairman of the ...
The Absurd, Bureaucratic Hell That Is the American Police State
2014 07 29
“The greatest evil is not now done in those sordid ‘dens of crime’ that Dickens loved to paint. It is not done even in concentration camps and labour camps. In those we see its final result. But it is conceived and ordered (moved, seconded, carried, and minuted) in clean, carpeted, warmed and well-lighted offices, by quiet ...
Australian Government Pushing ‘Internet Tax’ To Pay For NSA Style Spying
2014 07 29
Forcing private companies to become mass surveillance hubs The Australian government is pushing to implement a ”surveillance tax” on the people of the country in order to pay for a mandate that would see communications companies retaining data on customers for two years. In a disturbing development that should serve as a warning to Americans, the Australian Attorney-General admitted that the surveillance ...
Japanese leader proposes first-ever ’Robot Olympics’
2014 07 29
Nations of the world will be sending their most talented athletes to Tokyo in 2020 for the Olympic Games – but if Japanese Prime Minister Shinzo Abe gets his way, they might also be pitting robots against each other. Abe announced his vision while touring robotics factories in Tokyo and Saitama, which is located just north of the country’s capital. According ...
Israel Student Union Set Up “War Room” to Sell Gaza Massacre on Facebook
2014 07 29
This article was published on July 14, 2014. The death toll in Gaza as of today, July 23, 2014, reaches 678 according to Al-Akhbar. Students at the IDC Herzliya “war room,” seen here in a screenshot, focus on posting propaganda justifying Israel’s attack on Gaza on Facebook. As the death toll from Israel’s savage bombardment of Gaza continues to climb, Israel has ...
More News »