London, Nov 19: An investigation into insider trading at the company that owned English premiership club Chelsea before the takeover by Russian oil billionaire Roman Abramovich has been dropped by the city watchdog.
But there will still be a second inquiry into the "nature and status of certain shareholdings" in Chelsea village PLC in the days before the billionaire's 140 million pound bid in July.
Suspicions were raised in the city about the volume of trading following a hike in the company's share price when Abramovich tendered his bid.
The Financial Services Authority (FSA) has dropped its investigation into suggestions of insider trading but it still looking into the mysterious ownership of 20.5 per cent of the club before the sale.

At the time the probe was announced, chairman Ken Bates said: "the question of Chelsea's shareholders was looked into in 1996 and was accepted by the stock exchange. The FSA held an inquiry a year ago and found nothing wrong."


Bureau Report