Jim Armitage: London was never, ever, the right place for ENRC
Outlook So the ENRC fiasco was our fault all along.
Of course! Rather than expect that companies on the London Stock Exchange behave themselves like respectable plcs: you know, not buying assets seized in dubious circumstances from other companies by corrupt governments (allegedly). Not selling businesses to relatives of the shareholders (allegedly). Not using company funds to buy horse farms and guesthouses (allegedly).
It was up to us Brits to put them in quarantine for two years before letting them list shares here.
In its chutzpah-off-the-scale declaration yesterday, ENRC, currently facing investigation by the Serious Fraud Office, is half right, but not in the way it thinks.
It's right in that it should never, ever, have been allowed to list here. But should we have to create some sort of holding pen for opaque businesses to clean up their acts? Of course not.
For foreign companies with an interesting past, a main market, FTSE 100 Index share listing is like a Royal Warrant: a guarantee to the world of good, investment-worthy behaviour. As a result, it forces many billions of pounds of pension funds to buy their shares. With those riches come responsibility.
ENRC and others cannot have it both ways. Either live by our rules or find another exchange to list on.
I hear that Lagos is nice this time of year.
Actress sees off speculation about her appearance in an amazing way
Powerful images of strays taken moments before being put down
The Washington Post editor helped Bob Woodward and Carl Bernstein bring down President Nixon
Children's bookseller wins The Independent's new author search
- 1 Salisbury ranked seventh-best city in the world to visit in Lonely Planet’s Best in Travel 2015
- 2 Disney announces new female-led film Moana
- 3 Banksy has not been arrested: Internet duped by fake report claiming artist's identity revealed
- 4 Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
- 5 Russell Brand threatened with arrest after filming outside Fox News headquarters
Chicago voter tells Obama 'don't touch my girlfriend' – Obama stays super smooth
Oscar Pistorius: The brutal prison life that awaits disgraced athlete
Banksy has not been arrested: Internet duped by fake report claiming artist's identity revealed
Raphael Ravenscroft dead: 'Baker Street' musician who played the most famous saxophone solo for just £27, dies aged 60
Darren Vann: Indiana man arrested for murdering teenage prostitute confesses to six other murders - and police fear more
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
Jose Manuel Barroso warns David Cameron against making 'historic mistake' over immigration reforms
Of course, teenage girls need role models – but not like beauty vlogger Zoella
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: The SThree group is a world le...
£18000 - £23000 per annum + Comission: SThree: The SThree group is a world lea...
£20000 - £25000 per annum + OTE £Competitive: SThree: SThree Group and have be...
£23000 per annum + pension and 22 days holiday: Ashdown Group: An established ...