LISA BUCKINGHAM COMMENT: Why did it take so long for the authorities to pounce on JJB?

By LISA BUCKINGHAM, MAIL ON SUNDAY FINANCIAL EDITOR
Updated: 17:50 EST, 12 September 2009

What has taken so long? We believe it is a good 18 months, probably longer, since the authorities were alerted to the goings on at JJB.

Our understanding is that current employees, former staff and others have repeatedly passed information to the Office of Fair Trading, the Serious Fraud Office and anyone else who would listen.

The sports wear company is under investigation for price fixing with rivals Sports Direct

They eventually turned to Financial Mail. With their help we revealed strong evidence that within this company and its dealings with its closest rival something was distinctly rotten.

It may be that both the Office of Fair Trading and the SFO draw a blank. But for many months there have been warning signs that should have sparked a much earlier investigation.

Even allowing for the fact that both watchdogs wanted to try to see evidence of the price collusion they planned to investigate, there appears to have been unacceptable delay.

Speedier action could have prevented much damage - the loss of up to 3,000 jobs, the share price crash that wiped out the savings of many, and the damage done to corporate governance while JJB's board apparently thumbed its nose at accepted standards.