MP Barry attacks HBOS adverts

Nov 29 2008 by Gina Sykes, Huddersfield Daily Examiner

MP Barry Sheerman has attacked the board of HBOS for buying advertising space in the national press urging shareholders to vote on the troubled bank’s planned acquisition by Lloyds TSB.

The large adverts, which appeared in several papers, do not explicitly recommend whether shareholders should vote in favour of the merger on December 12, but point out that it is backed by both the HBOS board and Lloyds shareholders.

Huddersfield MP Mr Sheerman said it was “unacceptable” for the bank’s board to seek to “manipulate” the vote.

He said he was referring the adverts to the Financial Services Authority watchdog and Chancellor Alistair Darling.

Mr Sheerman, who believes HBOS should remain independent, said: “I am absolutely furious about this use of shareholders’ money to advertise by a bankrupt management that should have been booted out by the Financial Services Authority and the Government, let alone by shareholders.