The "Guinness Four" failed yesterday in their third bid to overturn convictions handed down 10 years ago for insider dealing in Guinness's 1986 takeover of fellow drinks company, Distillers.
The four were found guilty of plotting to drive up the price of Guinness shares during the £2.6 billion sterling (€4.2 billion) takeover. Appeals in 1991 and 1995 ended in partial success for businessmen Mr Ernest Saunders, Mr Gerald Ronson, Mr Anthony Parnes and Mr Jack Lyons, although their convictions remained in place.
Mr Saunders' lawyer, Mr Michael Beloff QC, had told the Court of Appeal earlier this month that all four had been denied "every Englishman's right" to a fair trial when the case was heard at the Old Bailey in London in 1990.
Mr Beloff said there were material irregularities during the original six-month trial, and that information given to Department of Trade inspectors by the four during an inquiry into the takeover was used wrongly.
The European Court of Human Rights has ruled that the trial was unfair.
But Lord Justice Rose said in a written judgment that provisions of the Human Rights Act should not be applied retrospectively in a way that would benefit the four. "There was and is, in any event, substantial evidence against each appellant," he added.
Former Guinness chief executive Mr Saunders (64) was jailed for five years for false accounting, theft and conspiracy, though his sentence was later cut to two and a half years on appeal. In the end, he served only 10 months after he was diagnosed as suffering from pre-senile dementia.
Mr Ronson (61), head of the Heron Group, was jailed for a year and fined £5 million for false accounting, theft and conspiracy to contravene the Prevention of Fraud Act. He was released after serving six months.
Mr Parnes (54), a stockbroker, was sentenced to 30 months for false accounting and theft. That was reduced to 21 months at his first appeal in 1991.
Mr Jack Lyons, now 84, escaped jail because of ill-health, but was stripped of his knighthood and fined £3 million.
