The fund manager Martin Currie Investment Management has today announced that its directors and shareholders have invested a further £25 million into the company, following the record fine – also announced today – of £3.5 million imposed on Martin Currie by the Financial Services Authority.
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10 May 2012
Martin Currie Investment Management fined record £8.6 million by the FSA and SEC for failure to manage a conflict of interest
10 May 2012
AIM company taking legal advice about “unfounded speculation” on internet bulletin boards
AIM-listed Gulf Keystone Petroleum Ltd has announced that it is taking legal advice “with regard to…continued and unfounded speculation on various bulletin boards and other social media sites”. That speculation centred on the possibility of GKP conducting a heavily discounted share placing, a possibility the company has denied.
Speculation and comments on retail investor bulletin boards can amount to market abuse under section 118 of the Financial Services and Markets Act 2000; see the guidance in MAR 1.8.6E of the FSA’s Code of Market Abuse.
The only action taken by the FSA against a bulletin board user for market abuse was in 2005.
Comments may also be libellous; see this 2010 Independent article about Nighthawk Energy plc’s threatened legal action against bulletin board posters.
