LONDON — Britain’s Financial Services Authority fined Sibir Energy’s former CEO Henry Cameron £350,000 pounds ($529,000) for failing to disclose that the company made cash payments to shareholder Shalva Chigirinsky.
Cameron did not admit guilt and agreed to settle because it cost too much to defend himself, he said. By cooperating with the probe, Cameron qualified for a 30 percent discount on his fine, the FSA said.
(Bloomberg)