FCA admits meeting Aramco before proposing rule change for $2tn flotation

Regulator has attracted controversy by allegedly seeking to water down rules to lure Saudi oil giant’s IPO to London The chief executive of the Financial Conduct Authority has admitted meeting officials from Saudi Aramco before publishing plans to water down rules in a move intended to lure the $2tn (£1.5tn) stock market listing of the oil giant to London. Andrew Bailey told MPs that the meeting with officials from the Gulf kingdom’s state oil company – which is planning the world’s biggest ever flotation – took place in the early part of this year. Continue reading...
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