RAYMOND Theodoulou, former chief executive of Standard Chartered Securities (SCS), has finally told us publicly the reasons behind his resignation from the disgraced merchant bank, in the face of disciplinary action by the Securities and Futures Commission (SFC).
Standard Chartered Asia (SCA) and SCS were publicly censured by the SFC for malpractices in new offer business between 1991 and 1993.
Mr Theodoulou said - and it has been accepted by the regulators - that he came into SCS late in the day when the malpractices in question were pretty well established.
Mr Theodoulou also said - also accepted by the regulators - that he was not responsible for establishing these malpractices.
The malpractices were linked to giving credit to controlling shareholders in new offers to take up and trade shares, leading to a false and misleading market in these shares.
The SFC believes the brokerage tolerated this activity among its staff, and that it lied to the stock exchange.
In a statement, while accepting Mr Theodoulou's innocence in establishing the malpractices at SCS, the SFC stated that he must take responsibility for the failure of SCS to adhere fully to regulatory requirements over the period of his stewardship.