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Archive for tag: Jail.

Ashley faces the prospect of being banged up.

September 11th, 2009 | 18 Comments |

Mike Ashley could find himself doing a spell of porridge if the investigations by the Serious Fraud Office turn up anything untoward.

Acting on a tip-off from JJB Sports, the Office of Fair Trading and the Serious Fraud Office raided Ashley’s Sports Direct offices following allegations of fraud and price-fixing.

JJB’s own offices were raided too but they’ve allegedly been offered immunity from prosecution in return for their cooperation. JJB reported Sports Direct to the OFT in January a few days after it suspended Chris Ronnie, its CEO and a former friend and employee of Mike Ashley.

It all sounds a bit tit-for-tat because in 2000 and 2001 it was Ashley pointing the finger at JJB Sports, landing the company a £6.7m fine for its price-fixing activities, for which I assume they were less than grateful. However, since then price-fixing has been declared a criminal activity and is punishable by up to 5 years in the clink and an unlimited fine so, if guilty, Ashley is likely to face a much harsher penalty than a mere £6.7m fine. (more…)