FSA takes property company to court on rule breaches
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The Financial Services Authority is taking a billion-pound company to court over charges that they breached rules on corporate takeovers to the regulator.
According to the Financial Times, the case, which is only the second of its kind brought by the FSA, alleges that Semperian PPP Investment Partners and its chief executive William Doughty failed to properly notify the FSA of a deal done last year.
Prosecutors claim Semperian, which has £1.35bn of assets, and Doughty failed to wait for regulatory approval before pushing through a deal to buy full control of an FSA-regulated subsidiary from Telereal, an investment and property services company. The FSA is understood to have endorsed the offer retrospectively.
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Readers' comments (1)
Anonymous | 15 Feb 2010 8:21 pm
As I read it, the FSA had endorsed the offer restrospectively then why create this unnecessary fuss and importantly WASTE more money - please get real and move on.
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