Former Martin Currie fund manager accuses his employer of forcibly attempting to acquire his £490k shares in the company
Don’t get made redundant from Martin Currie for the wrong reasons.
The Times reports today that Chris Ruffle, the Shanghai-based former Martin Currie fund manager at the centre of the regulatory dispute which resulted in Martin Currie being fined £3.5m, is complaining that his former employer is trying to force the mandatory purchase of this £490k of shares in the company – apparently without compensating him.
Martin Currie wants to introduce a new rule which would enable it to confiscate the shares at a meeting tomorrow, says Ruffle. The rule would allow it to compensate the shares of anyone who brings the fund managers into disrepute.
Meanwhile, the Times says existing Martin Currie staff are being allowed to subscribe for an additional £1.5m of shares in the company following the injection of new capital.
