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    CNE   GB00BN0SMB92

CAIRN ENERGY PLC

(CNE)
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Ex-HSBC currency trader to be extradited from UK to face U.S. fraud charge

10/26/2017 | 10:45am EDT

LONDON (Reuters) - Former senior HSBC currency trader Stuart Scott will be extradited to the United States to face charges that he defrauded Cairn Energy Plc (>> Cairn Energy) in a $3.5 billion(£2.66 billion) currency trade in 2011, a London court ruled on Thursday.

LONDON (Reuters) - Former senior HSBC currency trader Stuart Scott will be extradited to the United States to face charges that he defrauded Cairn Energy Plc (>> Cairn Energy) in a $3.5 billion(£2.66 billion) currency trade in 2011, a London court ruled on Thursday.

On Monday Scott's former boss Mark Johnson was convicted of fraud in the United States in the same case.

"We believe the U.S. government's case to be flawed and materially inaccurate and we also believe that this has led the court to fall into error," a lawyer representing Scott said.

"This case is unique in that it is a UK-centric case and represents a far too aggressive an assertion of the U.S. jurisdiction to criminalise conduct," she said in a statement, adding that Scott would contest the extradition ruling.

The pair were charged by the U.S. Department of Justice last year of 'front running' the Cairn trade, meaning they were alleged to have profited at their client's expense by trading before they executed Cairn's currency order.

Johnson was head of HSBC's global foreign exchange cash trading desk at the time, while Scott was HSBC's head of cash trading for Europe, the Middle East and Africa.

Johnson, a 51-year-old British citizen, was the first banker to be tried in the United States as a result of worldwide investigations into the multi-trillion-dollar per day currency market.

The probes have led to about $10 billion in fines against several banks and the firing of dozens of traders.

(Reporting By Lawrence White; Editing by Greg Mahlich)

Stocks treated in this article : Cairn Energy, HSBC Holdings

© Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -1.96% 2816 Delayed Quote.60.67%
CAIRN ENERGY PLC -1.21% 171.5 Delayed Quote.-18.18%
DOW JONES AFRICA TITANS 50 INDEX -0.39% 511.82 Delayed Quote.-3.30%
HSBC HOLDINGS PLC 1.94% 376.05 Delayed Quote.-0.74%
LETS HOLDINGS GROUP CO., LTD. -2.84% 6.5 End-of-day quote.-16.45%
LOOK HOLDINGS INCORPORATED 1.79% 1425 End-of-day quote.48.90%
NEXT PLC 1.50% 8122 Delayed Quote.14.62%
S&P AFRICA 40 INDEX 0.38% 167.93 Delayed Quote.-3.30%
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Analyst Recommendations on CAIRN ENERGY PLC
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Financials (USD)
Sales 2021 361 M - -
Net income 2021 -50,7 M - -
Net cash 2021 419 M - -
P/E ratio 2021 -35,8x
Yield 2021 34,3%
Capitalization 1 162 M 1 164 M -
EV / Sales 2021 2,06x
EV / Sales 2022 2,66x
Nbr of Employees 191
Free-Float 98,5%
Chart CAIRN ENERGY PLC
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Cairn Energy PLC Technical Analysis Chart | CNE | GB00BN0SMB92 | MarketScreener
Technical analysis trends CAIRN ENERGY PLC
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 2,36 $
Average target price 3,25 $
Spread / Average Target 38,1%
EPS Revisions
Managers and Directors
Simon John Thomson Chief Executive Officer & Executive Director
James Smith Chief Financial Officer & Executive Director
Nicoletta Giadrossi-Morel Chairman
Keith Geddes Lough Independent Non-Executive Director
Peter S. Kallos Senior Independent Non-Executive Director
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