Why the London Stock Exchange suspended South African healthcare company Umuthi
The UK Financial Conduct Authority is investigating London Stock Exchange-listed South African healthcare company Umuthi.
It is focussing its investigation on former employee Connie van Nieuwkerk, who was fined R31 million but for activities prior to Umuthi, and this inter alia disqualified her from all her Umuthi activities. The fine is not related to Umuthi.
RELATED: SA firm Umuthi’s listing on the London Stock Exchange is turning into a calamity - Daily Maverick
Umuthi was listed on the LSE on 4 March 2021 but was suspended six days later.
Shares in Umuthi started trading again on 25 May but the company was again suspended on 10 June.
It remains suspended.
The Money Show’s Bruce Whitfield interviewed Umuthi investor Anthony Morris (scroll up to listen).
It’s not what it does, it’s what it’s promising to do… The listing should not have been allowed to go ahead… The facilitator… has quite a [bad] record…Anthony Morris, investor - Umuthi
I was introduced to Umuthi by someone I thought was a longstanding friend of mine…Anthony Morris, investor - Umuthi
My bet is they [FCA] didn’t do the verification properly… I just don’t understand how the systems don’t talk to each other…Anthony Morris, investor - Umuthi
It’s tainted… The reason why it was suspended was due to financial misrepresentation…Anthony Morris, investor - Umuthi
We’ve had heart attacks, suicides, and a couple of deaths along the way, which has just made this a human tragedy… Hundreds of millions have been lost… There’s been absolute negligence…Anthony Morris, investor - Umuthi
Source : https://www.123rf.com/photo_41528528_london-uk-june-7th-2015-the-entrance-sign-for-the-london-stock-exchange-building-located-in-the-city.html?vti=m01d41hqhtzqxv2uj0-1-47