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(Sharecast News) - FTSE 250 (MCX) 24,472.42 -0.93%
Shares of Man Group tumbled on Friday after the High Court ruled that the investment manager could have to pay around $155m for its part in a corruption case involving Kuwait's state pension fund, the Kuwaiti Public Institution for Social Security (PIFSS).
In a statement released late on Thursday, Man Group said it disagrees with the judgment that the PIFSS is entitled to recover around $155m from the estate of a former Man employee and two of its subsidiaries.
The ruling by the High Court followed a year-long trial over allegations that Fahad al Rajaan, the former director general of PIFSS, had received illicit payments from financial institutions seeking investment mandates.
Man Group said the court has held that two of its former employees, who were part of the regional sales team, were aware that former intermediary, Mohamad El Ghazzi, was making improper payments to Al Rajaan.
"Accordingly, the court has held two Man Group subsidiaries vicariously liable for the conduct of those two former employees," it said. "Notwithstanding this, the Judge did not find that any other former or current employee of Man Group knew about the improper payments, and there are no negative findings in relation to Man Group more broadly."
PIFSS had sought compensation of $156m, plus interest, from the Man Group defendants in relation to the allegations, which date back to between 1993 and 2013.
Shares in TBC Bank Group rallied on Friday, after quarterly numbers from the Georgian lender cheered investors.
The London-listed business saw net profits rise 10% in the three months to September end, to a record 404m Georgian lari (£115m), with a return on equity of 23.2%. Total operating income was also 10% higher, at GEL961m, driven by a 13% uplift in net interest income and "strong" loan growth. Gross loans increased 16% on a constant currency basis, while customer deposits grew by 14%.
The net interest margin ticked up 0.1 percentage point to 7.4%.
FTSE 250 - Risers
Frasers Group (FRAS) 964.50p 5.88%
Fidelity Emerging Markets Limited Ptg NPV (FEML) 1,224.00p 5.52%
TBC Bank Group (TBCG) 4,948.00p 3.77%
Wizz Air Holdings (WIZZ) 1,062.00p 2.60%
Ashoka India Equity Investment Trust (AIE) 258.50p 2.58%
ASOS (ASC) 424.50p 2.41%
North Atlantic Smaller Companies Inv Trust (NAS) 430.00p 2.38%
Oxford Instruments (OXIG) 2,410.00p 2.28%
Syncona Limited NPV (SYNC) 122.80p 2.16%
Pan African Resources (PAF) 114.80p 2.13%
FTSE 250 - Fallers
Man Group (EMG) 297.80p -7.15%
Michael Page (PAGE) 210.40p -4.11%
Telecom Plus (TEP) 909.00p -3.81%
WH Smith (SMWH) 422.40p -3.78%
Entain (ENT) 472.00p -3.63%
RS Group (RS1) 761.00p -3.55%
Hikma Pharmaceuticals (HIK) 1,643.00p -3.54%
Vistry Group (VTY) 262.60p -3.52%
Hays (HAS) 59.30p -3.45%
Premier Foods (PFD) 201.60p -3.36%
