Zanaga Iron Share Price (ZIOC)

"So extrader is out then. Fair enough. Everyone has to make their own move.."

Sorry to say Vet 10, that you've made an assumption (I'm not sure on what basis)...and you know what they say about 'assume'.....

For the avoidance of doubt, I have a larger investment in ZIOC (both absolute and as a %age of my portfolio) now than I've ever had in the 6+ years that I've held.

It would be interesting if you were to ask the same question of some of the more 'vocal' commentators around...and (of course) got equally honest answers.

I'll leave it at that.

ATB

So extrader is out then. Fair enough. Everyone has to make their own move.

PS and from the original article, it appears there were other (later than 2019) irregularities...

.."In addition, between June and July 2021, he provided misleading information to a further client purporting that Shard held substantial sums on its behalf. However, that client’s entire cash balance had previously been transferred out of its account..."

Misleading the auditors AND misleading the customers? Where does that leave Internal Audit and the Relationship Manager(s) throughout these events?

Hmm.

Thanks for highlighting the key phrase :

.."The FCA noted that Shard Capital contacted the regulator about the matter last year after discovering the existence of several documents “as a result of evidence disclosed by another party in court proceedings.."

So something that Shard's internal controls should have picked up in December 2019 (did they or didn't they ? - either way, not a good look - and what about those dealings from 2015-2017?) is made public (ie readily discoverable by the authorities) and Shard (aware of the original enquiry re 2015-2017) then contacts said authorities .

I believe that that's usually described as asking for 'other offences to be taken into consideration."

The FCA then agrees a discount on the fine and chalks up a (for it, rare) win.

I no longer subscribe, but expect this to be covered in Private Eye at some point.

HTH

Ex, well I can only deduce then your deliberately lying or spinning a negative? Which is it? What is your motive?

The FT article with link provide clearly states otherwise.

Shard Capital, which has not been accused of wrongdoing, said: “We welcome the completion of the investigation into James Lewis, which we have been supporting throughout. As highlighted in the FCA’s final notice, Mr Lewis has not held a senior management function at Shard Capital for over two years.” Lewis and Windhorst did not respond to requests for comment. The FCA also fined Lewis £120,300, allowing him a 30 per cent reduction after he agreed to settle the matter. The incident in which Lewis “risked misleading” a company’s auditor is one of two breaches flagged by the FCA. The other concerns a December 2019 transaction in which a client of Shard Capital instructed it to transfer $18mn of cash held for one of its “connected companies” to “its own account with Shard”. The FCA noted that Shard Capital contacted the regulator about the matter last year after discovering the existence of several documents “as a result of evidence disclosed by another party in court proceedings”.

https://www.ft.com/content/801e5e9d-1d5e-43cc-8f13-ea666cd7d101

The key sentence should you choose to ignore it :-

The FCA noted that Shard Capital contacted the regulator about the matter last year after discovering the existence of several documents “as a result of evidence disclosed by another party in court proceedings

Ho Hum always looking for a positive.

ATB