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Jon Moulton, chairman, CISX

CISX confirms regulatory investigation and closes to new business

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The Channel Islands Stock Exchange (CISX) has for the last 20 months been subject to a Guernsey Financial Services Commission (GFSC) investigation into certain historic activities, according to CISX Chairman Jon Moulton.

In a statement released today, Moulton (pictured), says: There are no investigations in respect of current matters.

“These investigations are ongoing, detailed ridings have not been received by the Board [of the CISX] and consequently the Board cannot estimate with any confidence their final completion timescale or any effects upon the companies’ business model.

“The CISX has recently made provisions for around GBP500,000 in respect of costs to date and possible regulatory settlements although no liability for such is currently admitted. In addition, the company has incurred significant costs in respect of the departure of its Chief Executive [Tamara Menteshvili], and as a result of this a profit is not expected this year, although the exchange remains very liquid with substantial net cash. Further costs will accrue in respect of the continuing investigation process but these, which will include the cost of indemnities given to certain past and present directors, cannot be estimated with any accuracy at present.

“The investigations have highlighted defects in the complex and unusual structure of the CISX and to deal with those and to segregate the historic issues from the operating business it is intended to seek to establish a better structured and regulated new corporate vehicle. This is a substantial undertaking and proposals are hoped to be available in around a month. The GFSC will work with the CISX towards that aim.

“It is considered appropriate at this time not to commence any new listing processes or to admit new members as theses could be affected and rendered unduly complex by a change in the Exchnage’s structure, However, all other functions will continue as normal.

“We will seek to keep shareholders and members informed, Interim accounts will be issued in a few days.”

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