Crime
Valuation of Northern Rock rigged, claims campaigner
A CAMPAIGNER fighting for justice
for Northern Rock's small
shareholders will visit Durham
City on Saturday.
Dennis Grainger, from Cramlington,
Northumberland, a
Northern Rock pensioner who
suffered in the bank's collapse
last year, will man a stand in Market
Place from 8am to 5pm.
He will have information on
the UK Shareholders' Association's
(UKSA) bid to win a judicial
review of the terms of reference
set by the Government for
the evaluation of the payment
to be made to all the bank's
shareholders after nationalisation.
Mr Grainger, a plaintiff in the
action, is a member of the Northern
Rock Action Group and will
have a petition calling for the fair
treatment of shareholders.
Mr Grainger said the majority
of small shareholders were pensioners
and many were from the
North-East.
"The valuation body the Government
is setting up will effectively
be rigged through its terms
of reference, which stress that at
the time of nationalisation, the
company was in administration
and was not a going concern,'' he
said.
He said the terms of reference
were designed to ensure a small
payout and that shareholders
faced getting almost nothing.
"Some people have lost their
nestegg," he said. "But the Government
is prepared to sacrifice
the small shareholder.
"People who got 500 shares on
demutualisation had a holding
that was worth about £6,000 at
one point, but could end up getting
just £25.''
He said that the Government
appeared determined to fight a
similar action launched by hedge
funds.
"I am also concerned about the
job losses at Northern Rock.
"I think it is a blow for the region
and I think we deserve better
than we are getting at the moment,''
he said.
During his visit to Durham, he
will give information about the
campaign and people will be able
to sign the petition - 429 people
have done so in two days.
Mr Grainger has already visited
places - including Sunderland
and Newcastle - and had a good
response from people.
He is planning to take his campaign
to Darlington on a date not
yet fixed.
8:29am Thursday 8th May 2008
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