Irish drinks firm C&C handed penalty for breach of rules

Share this article
Have your say

TENNENT’s owner C&C group receieved a €90,000 (£77,600) penalty from regulators after the drinks firm failed to comply with rules designed to prevent stock market abuse.

The Ireland-based company was punished for failing to keep up-to-date insider lists of people who receive sensitive company information from January 2008 to the same month in 2009.

The company’s current management, including chief executive Stephen Glancey, came into the business near the end of 2008. The arrival of a trio of former executives from drinks giant Scottish & Newcastle, which also included John Dunsmore and Kenny Neison, was welcomed by investors as a way to secure the company’s then battered fortunes.

An investigation by the Central Bank of Ireland uncovered three breaches of market abuse regulations and rules.

Derville Rowland, head of enforcement at the regulator, said the insider lists are an essential record.

“The Central Bank regards the proper maintenance and updating of insider lists as essential given their key importance as a tool in the prevention and/or detection of market abuse through the illegal use of inside information,” she said.

Companies must draw up and maintain insider lists with names of all employees, contracted staff, advisers and anyone else with access to inside information.

In a statement, C&C Group admitted an administrative failure, adding that “the matter is now closed”. The Central Bank also confirmed the breaches have been rectified.

C&C’s principal brands are the Irish cider brand Bulmers and the international cider brand Magners.

It also manufactures Tennent’s lager and Gaymers cider.