Ex-banker faces trial over shares

A former City banker is to face trial on insider trading charges amid claims he acquired 425,500 shares.

Malcolm Calvert, 64, of Cobham, Surrey, is alleged to have misused confidential information about proposed management buyouts, takeovers and mergers.

He appeared before London's Southwark Crown Court, where he denied each of the 12 Criminal Justice Act charges.

The former high-flyer at Cazenove, the Queen's bankers, was bailed until his trial on 9 September.

He allegedly committed the offences between April 2003 and March 2005, after his April 2000 departure as partner at the City investment bank.

The companies involved - all plcs - are HP Bulmer, Macdonald Hotels, Vernalis, Johnston Group, South Staffordshire and the RAC.

The former trader joined Cazenove in 1961 and stayed 39 years, working as a market-maker, offering bank clients a price at which they could buy or sell shares.

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