According to the Pensions Regulator, company directors Andrew Kyprianou and Colin Werb appeared in Leeds Crown Court last week (May 28) and pleaded not guilty to two counts of prohibited employer-related investments.

The regulator alleged that the pair used money from Eastman Machine Company Limited’s pension scheme to make two loans, one for £ 100,000 in 2017 and a second for £ 140,000 in March 2018, to the employer of the based scheme. in Huddersfield, Eastman Staples.

Loans to employers are prohibited by law, regardless of the amount. This is a criminal offense and can potentially lead to an unlimited fine and / or imprisonment.

The pair also pleaded not guilty to two counts of providing false or misleading information to TPR for documents provided to the investigation, which the regulator claimed were fabricated.

Knowingly or recklessly providing false or misleading information to TPR is an offense and may result in a fine or imprisonment of up to two years.

A trial date is expected to take place in mid-June.

amy.austin@ft.com

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