Panel raps Cordiant heiress

THE mysterious 'Madame Ojjeh' - Syrian heiress Nahed Ojjeh - has been publicly censured by the Takeover Panel for substantial, undeclared share dealings in Cordiant.

Although her punishment is little more than a rap on the knuckles, Ojjeh has been found guilty of breaching the City code on takeovers through share dealings that fuelled speculation of a counterbid for the marketing group.

According to the code, after Cordiant announced it was on the end of a takeover bid from rival WPP any dealings thereafter by significant shareholders had to be declared by noon the following working day.

Despite continually increasing her stake in Cordiant, ultimately to 10.75%, Ojjeh, a multi-millionairess based in Paris, repeatedly failed to notify the authorities of her dealings.

The Takeover Panel said: 'Mme Ojjeh has explained that [the breaches of the City Code] arose from her lack of familiarity, as a foreign investor, with UK regulation. She has apologised unreservedly. Mme Ojjeh is accordingly hereby criticised.'

It is understood the Financial Services Authority will not be launching its own 'market abuse' investigation into Ojjeh's dealings.

One senior City source said: 'Madame Ojjeh has now been branded for ever more as a woman criticised by the Takeover Panel. No good at all will have been done to her reputation or to her relations with business partners or with the City of London.'