Prudential Hundreds of Billions of Dollars in Fines
Sunday, 31 March 2013
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Fined insurance giant Prudential Financial Services Authority, FSA of £ 30 million or about Rp441 billion, related to bidding AIA, a subsidiary of U.S. insurer AIG.
In a statement the FSA also criticized Tidjane Thiam, chief executive of Prudential.
FSA says Prudential deemed relevant transparent and failed AIA purchase plan'' to reach a deal with the FSA in an open and work behavior.''
FSA felt it took longer to decide to approve the agreement in accordance with applicable regulations, especially as the proposal to sell shares of Prudential of £ 14.5 billion to fund the purchase will significantly change the risk profile of the company.
The FSA said the agreement'' has the potential to disrupt the stability and confidence in the financial system in the UK and overseas''.
'Corporate interests'
Prudential to buy AIA plan ultimately failed after opposition from its shareholders by reason of the price offered is too high.
Tidjane Thiam himself argued that the deal will not be in vain because the market can duplicate Prudential in Asia.
But he failed to convince AIA AIG as the parent company to accept a lower offer.
In a statement, Prudential dirketur Paul Manduca said:'' We want to look at this issue, and ensure our good relationship with the FSA remains good.''
"The actions Tidjane every time is in the interest of the company and fully with the knowledge and authority of management.''
"Our Management Board expressed satisfaction with the agreement of all parties to resolve the case
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Judul: Prudential Hundreds of Billions of Dollars in Fines
Ditulis oleh Unknown
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