BCSC alleges analyst engaged in illegal insider trading, tipping

first_imgJames Langton ASIC ready to make deals with devils FINRA bans analyst for insider trading Securities regulators in British Columbia have brought further allegations of illegal insider trading in connection with B.C.-based Baja Mining Corp. Last month, the B.C. Securities Commission (BCSC) settled with an accountant at the company who sold shares in the firm after learning that it’s only mine project was way over budget, but before the cost overrun was publicly disclosed. In that case, the accountant agreed to pay $24,350 to the BCSC, and to be prohibited from trading in any issuer with whom he is in a special relationship for three years. SEC alleges man sold insider trading tips on dark web On Friday, the BCSC the the commission issued a notice of hearing alleging that an analyst for a global institutional investor, who was also in a “special relationship” with the company tipped his sister about the cost overruns, and engaged in illegal insider trading. Specifically, it alleges that Hon Seng Lum (also known as Victor Lum), an analyst at Mount Kellett Capital (Hong Kong) Ltd., advised his sister, May Lee Chan Lum, to trade in shares of Baja when he became aware of the cost overrun on Baja’s Boleo copper mine project, and before the news was publicly announced. The commission alleges that May Lum sold half of their position in Baja (182,500 shares) through a Singaporean brokerage account of a company that she controlled, which was based in the British Virgin Islands, “thereby concealing Hon Seng’s connection to the trades.” The BCSC alleges that Hon Seng “breached securities laws by using material information that had not been generally disclosed to trade securities”; and that their conduct is contrary to the public interest. The allegations have not been proven. An appearance to set dates for a hearing into the allegations is slated for September 2.center_img Related news Share this article and your comments with peers on social media Keywords Insider trading,  TippingCompanies British Columbia Securities Commission Facebook LinkedIn Twitterlast_img read more

Etisalat chief reflects on “positive change”

first_imgHome Etisalat chief reflects on “positive change” Etisalat CEO Saleh Al Abdooli said the company’s restructuring, which was announced earlier this year, was finalised during the second quarter of 2016.The aim of the process was “to help the delivery of our strategic objectives and enhance overall performance”, he said.The new chief, who came on board at the end of March, reflected: “While the industry is renowned for the speed of change, Etisalat is also under going positive change.”His comments came as the company reported a 2 per cent growth in second-quarter revenue to AED13.3 billion ($3.6 billion). This was mainly attributed to domestic operations and the performance of Maroc Telecom, and was impacted unfavourably by foreign exchange fluctuations, mainly in Egypt and Pakistan, as well as some fierce competition in certain markets.In the UAE, revenue increased year on year by 3 per cent to AED7.7 billion. The performance was the result of a growing subscriber base, coupled with the launch of new services and bundles to both consumers and enterprises.The performance of Etisalat’s international consolidated business disappointed with a 1 per cent fall in revenue to AED 5.5 billion.Consolidated net profit after Federal Royalty payment increased year on year by 51 per cent to AED2.3 billion. The increase in profit was the result of lower finance costs, a foreign exchange gain during the period against a loss in the year ago quarter, as well as a lower Federal Royalty payment and a lower share of results from associates and discontinued operations.The gain was partly offset by an increase in depreciation charges and taxation. AddThis Sharing ButtonsShare to LinkedInLinkedInLinkedInShare to TwitterTwitterTwitterShare to FacebookFacebookFacebookShare to MoreAddThisMore 28 JUL 2016 Rakuten adds Etisalat to RCP open RAN list Previous ArticleAirtel’s profit drops sharply on higher costsNext ArticleSK Telecom’s profit drops as revenue growth stalls Richard Handford Tags Zain laments Covid-19 impact Etisalat to bring open RAN to Afghanistan Related Richard is the editor of Mobile World Live’s money channel and a contributor to the daily news service. He is an experienced technology and business journalist who previously worked as a freelancer for many publications over the last decade including… Read more Author EtisalatOoredooZainlast_img read more

LCJ expresses regret at funding gaps for fixing court buildings

first_imgSource: Michael Cross Lord Burnett of Maldon: Positive about efforts to support judges dealing with traumatic casesThis time, he wrote: ‘[I] see first-hand the poor conditions in which both staff and judges work in many court centres and which have to be endured by members of the public. I am continuing to press for funding to tackle the maintenance problems that must be addressed to bring our court buildings back into a decent condition. I am raising this with the government at every opportunity.’Examples of courts in disrepair, he said, included flooding, IT and power outages, and physical problems creating security breaches.He continued: ‘Rural courts are often neglected at the expense of those in large cities and there is a general lack of funds for basic maintenance and repair which are often desperately needed.’As opposed to last year’s report, when Lord Burnett addressed issues of judicial morale directly, there was just a fleeting mention of it in the 2019 version. He said early feedback from the judicial professional support service, launched in November 2018, had been positive, with support and pastoral care provided to those judges trying traumatic cases.Since July 2018 all salaried judges across England and Wales have been offered career-based conversations with senior judges, with a flexible deployment policy developed to help those who want to broaden their experience.On recruitment of judges, he noted that the number of High Court judges recently brought on board has increased compared to last year, and he was optimistic that the ‘position is on the mend’.But he added: ‘That said, there was a worrying shortfall in the recruitment of salaried members to the District Bench this year which will have adverse consequences for the family and civil jurisdictions.’ The Lord Chief Justice says he will continue lobbying the government for funds to repair court buildings – admitting it is a ‘matter of regret’ more resources have not been forthcoming.Lord Burnett of Maldon, writing in his annual report for the year, noted increased pressure in most jurisdictions against what he called the ‘reality of extremely tight resources’.He stated there continue to be a number of problems affecting the entire court and tribunal estate, including the age and poor condition of the buildings and delays in getting issues fixed. These can affect court business, with hearings adjourned.It appears little progress has been made since this time last year, when the LCJ said it was ‘completely unreasonable’ to expect solicitors, judges and barristers to work in dilapidated and uncomfortable buildings. last_img read more

An American Pickle: trailer arrives for Seth Rogen’s new film

first_imgThe trailer has arrived for Seth Rogen’s forthcoming film An American Pickle.Directed by Brandon Trost, the film is adapted by Simon Rich from his 2013 New Yorker novella Sell Out. Watch the trailer below:An American Pickle stars Seth Rogen as Herschel Greenbaum, a struggling laborer who immigrates to America in 1919 with dreams of building a better life for his beloved family. One day, while working at his factory job, he falls into a vat of pickles and is brined for 100 years. The brine preserves him perfectly and when he emerges in present day Brooklyn, he finds that he hasn’t aged a day. But when he seeks out his family, he is troubled to learn that his only surviving relative is his great-grandson Ben Greenbaum (also played by Seth Rogen), a mild-mannered computer coder whom Herschel can’t even begin to understand.The film was produced by Seth Rogen, Evan Goldberg and James Weaver. Simon Rich executive produced alongside Point Grey’s Alex McAtee and Ted Gidlow.An American Pickle will be released in cinemas nationwide on 7th August 2020 by Warner Bros. Pictures.last_img read more