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FSA fines Russian oil company £300,000

The FSA has fined Russian oil exploration company Exillon Energy £292,950 for failing to identify and disclose £930,000 of payments to its former chairman and beneficiary Maksat Arip.

Between January and December 2010, Exillon made the payments to and on behalf of Arip, then chairman and beneficiary of the firm’s major shareholder.

Exillon was admitted to trading on the Main Market of the London Stock Exchange on December 17, 2010 but failed to notify the regulator of the payments in time.

Some of the payments were used for private expense but most were requested for business but reclassified as private after Arip failed to produce business expense receipts.

Between October and December 2010, Arip arranged to repay the sum to Exillon with interest but the payments were not disclosed as related party transactions until February 2011 by the firm’s auditors.

The FSA found the failures arose because Exillon’s senior officers were not adequately trained to ensure compliance with listing rules.

FSA acting head of markets David Lawton says: “Our related party rules protect minority shareholders in Premium Listed companies by ensuring large shareholders and company directors cannot unfairly benefit from their positions in the corporate governance of a listed company. In this case Exillon fell below the standards we expect.”


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