Government faces court on Railtrack

SOME of the City's most respected fund managers are taking the Government to court over Railtrack. The Railtrack Shareholders' Action Group is asking the High Court to force Transport Secretary Stephen Byers to release files relating to his decision to put the railway company into administration last October.

RSAG said: 'The Government has prevaricated for so long, it leads us to conclude that they have something to hide.'

Headed by Simon Haslam, of fund management giant Fidelity, RSAG represents shareholders with 49% of the railway company.

These include Hermes, Invesco, Franklin and Fidelity.

Byers' unilateral decision has left accountants running the railways. Railtrack management furiously dispute his version of events.