Takeover panel bans 10 from London mergers in rare sanctions

The group has been banned for periods spanning from one to five years for concealing the size of a stake effectively held by executives in 2010 at MWB Group Holdings Plc. — Bloomberg

LONDON: The UK’s Takeover Panel has banned 10 individuals from merger activity after concluding they used sham transactions to mislead shareholders in the holding company that owned the Liberty department store and Malmaison hotels.

The group has been banned for periods spanning from one to five years for concealing the size of a stake effectively held by executives in 2010 at MWB Group Holdings Plc. The firm went into administration in November 2012.