Top stock brokerage CLSA has withdrawn from this year's Asiamoney brokers poll and suspended a country manager after being caught trying to rig the survey.
The company admitted yesterday that 'totally inappropriate instructions' had been given to sales and research staff to engage in 'unacceptable practices' after the South China Morning Post revealed that CLSA had submitted entry forms on behalf of its clients.
The firm promptly withdrew from the 16th Asiamoney brokers poll to find the best analysts and brokers in the region.
'While CLSA takes the Asiamoney survey very seriously and campaigns hard for votes, totally inappropriate instructions were given by a country manager to our sales and research staff to engage in unacceptable practices to gather votes for the annual Asiamoney brokerage survey now under way,' CLSA executive chairman Gary Coull and chief executive Rob Morrison said in a statement.
In a further move to restore the firm's reputation, CLSA said it had suspended the country manager concerned - believed to be Singapore's country head, David Enticknap - with immediate effect. It also reprimanded several senior members of CLSA for not better controlling the process.
Mr Enticknap had sent internal e-mails - obtained by the South China Morning Post - that said: 'It's a game. Let's play smart ... while I applaud the efforts of sales/research, I should remind everyone that vote-rigging should be as discreet as possible.'