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OFT officers visit JJB Sports
11 Sep '09
5 min read
Given compliance with the conditions set out above is within JJB's control and based on the information and cooperation provided to the OFT, the directors believe that the risk of the marker, or any subsequent immunity, being withdrawn is low. Further, even if the evidence provided by JJB to the OFT is subsequently undermined by any statements by implicated current or former employees or officers of the company, the directors consider it unlikely that this would be to such an extent that it could be said that there was no sufficient basis for the OFT to take forward a credible investigation.
The grant of the marker also means that JJB's employees and officers would be granted criminal immunity from prosecution for the cartel offence, subject to their compliance with the OFT's standard immunity conditions. Where an individual with immunity fails to cooperate, the OFT may withdraw such individual's own immunity, but provided that JJB could demonstrate that it had used its best endeavours to secure the cooperation of that individual (albeit unsuccessfully), the marker and any subsequent immunity would not be revoked from JJB.
Notwithstanding the grant of the marker, and the availability of immunity for JJB, JJB may still be liable for third party claims that may arise as a direct result of the conduct in the period from 8 June 2007 to 25 March 2009. Whilst JJB cannot rule out the risk of any third party claims for damages, the directors believe that the risk of a successful third party claim being made is low and, even if a successful third party claim is made, any financial impact arising from the matters under investigation, even in circumstances where the OFT were to proceed and issue an infringement decision in respect of any cartel activity, is unlikely to be material on the Group.
As stated above, JJB is cooperating fully with the OFT's investigation and cannot comment further on these matters at this stage. A further announcement will be made as appropriate.
The grant of the marker also means that JJB's employees and officers would be granted criminal immunity from prosecution for the cartel offence, subject to their compliance with the OFT's standard immunity conditions. Where an individual with immunity fails to cooperate, the OFT may withdraw such individual's own immunity, but provided that JJB could demonstrate that it had used its best endeavours to secure the cooperation of that individual (albeit unsuccessfully), the marker and any subsequent immunity would not be revoked from JJB.
Notwithstanding the grant of the marker, and the availability of immunity for JJB, JJB may still be liable for third party claims that may arise as a direct result of the conduct in the period from 8 June 2007 to 25 March 2009. Whilst JJB cannot rule out the risk of any third party claims for damages, the directors believe that the risk of a successful third party claim being made is low and, even if a successful third party claim is made, any financial impact arising from the matters under investigation, even in circumstances where the OFT were to proceed and issue an infringement decision in respect of any cartel activity, is unlikely to be material on the Group.
As stated above, JJB is cooperating fully with the OFT's investigation and cannot comment further on these matters at this stage. A further announcement will be made as appropriate.
JJB Sports PLC
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