Lamprell hit with $3.7m FSA fine

LAMPRELL

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Eoin O'Cinneide

 18 March 2013 08:40 GMT

Lamprell has been slapped with a fine by the Financial Services Authority (FSA) after an investigation into the handling of inside information unearthed "deficiencies" in its reporting systems.

The UK regulator did, however, chop a significant amount off its fine to the Middle Eastern fabricator as it found, amongst other things, that there had been no "deliberate or reckless" behaviour from Lamprell.

Shares in London-listed Lamprell were, however, down around 6% immediately after the announcement and before the opening of trading on Monday morning. It later clawed back some of the loss.

Lamprell had previously disclosed that the FSA had launched an investigation into the company's handling of certain inside information.

On Monday the yard said: "The FSA has found that Lamprell…

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