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Standard Chartered chief risks FSA inquiry over share deal

A senior executive at Standard Chartered risks being investigated by the FSA after he used bank shares as security for a £2.1m bank loan and failed to disclose the transaction for three weeks.

The Daily Telegraph reports that Standard Chartered Asia chief executive Jaspal Singh Bindra used 153,000 bank shares as security on the loan on December 28 through an offshore bank in the Seychelles.

He did not report the share loan to Standard Chartered until January 20, and an announcement was made to the stock market four days later.

FSA rules state that directors have to declare share loans to their companies within four days, with companies expected to notify the stock market within 24 hours.

Bindra is not thought to have profited from delaying the disclosure, and Standard Chartered is thought to have discussed the matter with the FSA.

In a statement Standard Chartered said: “There was a delay between the relevant transaction and Mr Bindra notifying the company…The company has disclosed the timing and nature of the transaction in its public filings.”

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