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UK watchdog fines Lamprell £2.4m
- United Arab Emirates: Wednesday, March 20 - 2013 at 07:46
The UK's financial watchdog has fined Sharjah-based Lamprell £2.4m for failing to update the market adequately on its deteriorating financial position in early 2012, Financial Times has reported. The Financial Services Authority said that although in early 2012 "Lamprell's financial performance against its budget had been deteriorating due to operational issues", the company failed to update the market on this matter until it released a profit warning on May 16. "It was in the best interests of the company to accept the position reached with the FSA, so as to avoid incurring significant additional expenses," said Lamprell's non-executive chairman, John Kennedy. "This settlement draws a line under the investigation by the FSA and the matters to which it relates."
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