Kevin Maxwell has been ordered to provide a written statement to the Department of Trade and Industry about his knowledge of the £500m Mirror Group flotation.
But High Court judge Mr Justice Neuberger allowed Mr Maxwell, 39, of Moulsford, to request DTI inspectors to provide him with documents they have used in their six-year investigation into the 1991 flotation.
Mr Maxwell, son of Robert, the late Oxford-based media tycoon, who was acquitted of charges brought by the Serious Fraud Office two years ago over the same matter, told the judge he feared the DTI might use any evidence he provided to launch further proceedings against him.
He said it was "oppressive and unfair" to expect him to provide information to the inspectors without any legal representation.
He wants the Government to pay for his legal representation because legal aid is not available for the DTI inquiry and to grant him immunity from further prosecution. Both demands have been rejected.
There was massive criticism two years ago when more than £10 million was spent on legal aid helping Mr Maxwell and his brother, Ian, defend themselves against the criminal case.
He told the judge yesterday (MON) that he believed the DTI was now seeking to take out either criminal charges against him or under the Company Directors Disqualification Act.
The inspectors say Mr Maxwell played a leading role in the flotation and ought to have been able to give them assistance in their inquiry but had so far failed to do so.
Mr Maxwell, who represented himself at the hearing, said: "I am entirely unhappy about the procedures adopted by the inspectors and I am being asked to provide evidence without legal representation. I cannot be expected to assist the inspectors when legal representation is not available."
Mr Justice Neuberger said Mr Maxwell was concerned that the DTI was using the threat of contempt of court proceedings against him to force him to provide evidence which could be used to bring criminal or civil actions.
The judge said Mr Maxwell should provide a written affidavit of facts to the DTI before another hearing in the New Year about production of documents on the case.
"Until one has seen the facts, it is not possible to carry out any of this exercise satisfactorily."
He said he was being "careful" that the course taken to find the information was not unfair to Mr Maxwell.
Mr Maxwell said after the hearing that he had made "a major step forward" in that he would "have the opportunity to get behind the scenes" when he sees the DTI evidence at the January hearing.
Many leading City figures from the firms of Samuel Montagu (now owned by HSBC) and Smith New Court (now owned by Merrill Lynch) have been interviewed by the inspectors, as well as past and present Mirror Group executives.
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