1 Dec 2008

Ex British Ambassador fined £117,691

Had this from the Peru News....mining = development...well it does for Richard Ralph.

The indigenous revolution is about economic development which benefits Peruvians and respects ecology

Ex-British ambassador to Peru, Richard Ralph, was fined £117,691 (US$181,173) after admitting to insider trading in the shares of the former British-owned mining company Monterrico Metals. He had been involved in the mining industry during his time in Peru and became chairman of Monterrico Metals in 2006 after retiring from the diplomatic service. In early 2007, Mr Ralph asked his friend Filip Boyen to buy £30,000 (US$46,205) worth of shares in Monterrico Metals shortly before the company was due to be taken over by the Chinese consortium Zijin. In addition, Boyen bought £77,162 (US$118,844) worth of shares for himself, generating a collective profit of over £42,000 (US$64,688) between the two of them.

Ralph and Boyen both admitted to the deal as a result of an announced investigation by the Financial Services Authority (FSA) and they subsequently cooperated fully with the organisation. Had it not been for this cooperation, the FSA “would have seriously considered taking criminal proceedings” according to its director of enforcement Margaret Cole. The FSA also severely criticised the insider deal as an abuse of a position of trust which can considerably damage confidence in financial markets. Mr Boyen received a fine of £81,982.

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