Paul Bateman, chairman of Robert Fleming Asset Management and a member of Jardine Fleming's supervisory board, is understood to have been warned by Britain's Investment Management Regulatory Organisation (Imro) that he may have been reprimanded as a result of its investigation. Highly placed sources said at least three officials from Robert Fleming, including Mr Bateman, the outgoing chairman of Jardine Fleming Investment Management (JFIM), were told they might be disciplined. There is no suggestion Mr Bateman or any of the warned executives were aware of the activities of sacked fund manager Colin Armstrong. Imro said yesterday it was bound by its own rules and contractual obligations from commenting on individuals or firms, but agreed that quite often it needed to remind directors and officials under investigation of the possible results of regulatory action. Imro's head of public affairs Judy Delaforce said: 'It is feasible individuals with firms are reminded of their responsibility and the possible consequences if they are shown to be culpable.' Imro originally criticised Jardine Fleming for failing to tell the regulator of failings at JFIM and last year disclosed the breaches of compliance even though they had been identified in 1993. Robert Fleming said the initial memorandum sent to Jardine Fleming board members outlining potential compliance difficulties was not deemed to be top priority. Robert Fleming said the 'matter was now closed' and Imro had taken action including a fine of GBP700,000 (about HK$8.46 million) and banned Robert Thomas as an investment manager.