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Message
From: Cooper, Tom - UKGI f GRO
Sent:
To:
cc: } Paula
“} Briony Tristram
arsons
__J: Patrick Bourke
Subject:
"ll be there this afternoon.
lam equally concerned about printing a figure that could be too low as too high.
Tom
Tom Cooper
Director
UK Government Investments
1 Victoria Street I London I SW1H OET
Cooper,
Alisdair Cameron
Rodric Williams
ark Underwood1
Michael Passmore
Ff
pM:
Subject: Re: ARA - Contingent Liability wording re Postmaster Litigation -CONFIDENTIAL AND SUBJECT TO LEGAL
PRIVILEGE.
Jane,
I concur with your assertions. I do not believe that there is any evidence that this claim has validity and to draw
attention to it in this way feels unnecessary. Quoting unsubstantiated figures in the accounts provides free and
inflammatory PR to the situation. I’m not able to join the call today but wanted to be clear on where I stand on this
matter. I am less clear on the implications of non disclosure in our relationship with EY and how, or if, they would seek
to qualify our accounts which would be similarly damaging. Although Tom is not on this call, I think we need to
understand the Government view on this.
Regards
Tim
Tim Franklin
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Sent from my iPad
On 28 Jun 2018, at 08:08, Jane MacLeod +
All
One of the questions to be discussed at the ARC this afternoon is the extent of disclosure around the
Postmaster Litigation. As you will recall, Freeths recently included the estimate of £80-90 million ina
skeleton argument submitted to the Court relating to a costs hearing, and EY believe we should disclose
this figure.
We would prefer not to disclose it as we don’t believe there is any substance to that number, and we
believe that even though we are seeking to heavily qualify the statement, as the only number in the
public domain, it will gain a credence that it doesn’t merit. Further, we can point to other examples
where equivalent figures have not been disclosed.
Attached is the text of the current wording, together with a suggested draft as to what the disclosure
would look like if we included reference to the number. The text highlighted in yellow is optional — it is
the full quote from the skeleton argument, however we are concerned that by including the highlighted
wording, we are drawing attention to the total costs projected to be incurred in defending the claim,
and this could be equally unhelpful.
lam aware that Tom, Tim and Ken are not available this afternoon, however I wanted to give you the
opportunity to see the draft language.
Kind regards,
Jane
<image001.png> Jane MacLeod
Group Director of Legal, Risk & Governance
Ground Floor
20 Finsbury Street
LONDON
EC2Y 9AQ
<DRAFT WORDING FOR THE 2018 ANNUAL REPORT v5 (002).docx>
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