Cordiant Investor Runs Afoul of U.K. Laws

NEW YORK Nahed Ojjeh, the wealthy chess patron who amassed nearly 11 percent of Cordiant Communications Group shares before its delisting on Wednesday, has been censured by the U.K.’s Takeover Panel. CCG is in the midst of being acquired by WPP Group.

Ojjeh’s breach of U.K. disclosure laws, related to CCG stock purchases between June 10 and July 4, have been at the center of an investigation by the Takeover Panel.

The Paris-based investor, who bought the shares through family members and a network of offshore companies, has never disclosed her intention for buying the stock at price levels above what WPP is offering CCG shareholders in its acquisition bid of the London-based holding company.