SIB granted public access to Scandex documents

The Securities and Investment Board is claiming a rare victory in persuading a High Court judge to allow the public access to court documents in the Scandex trial, which ended last month (26 March).

The SIB brought Scandex to court on behalf of investors who had been cold-called by the Danish firm with offers of financial services.

The court found that the company's managing director was knowingly concerned in an unauthorised business and ordered Scandex to compensate the investors, in a way to be determined at a future hearing.

Normally, under the Financial Services Act 1986, the affidavits obtained for such a trial are not made public unless read out in court, but the SIB asked for and obtained leave from Judge Carnwath for them to be available.

An SIB spokesman said: “We are seeking to use this as a precedent for similar cases in the future where there may be a real chance of assisting investors to take actions on their own behalf.”

During the trial, the judge said: “Any monetary order against the company would be of negligible value.”