Business
Response to FSA Statement
Response to FSA Statement.
About this update from Theracryf Plc
[{"type":"text","content":"\n Evolution Group PLC\n18 January 2007\n\n\n Evolution Group Plc\n\n Response to Financial Services Authority Statement Regarding Williams de Broe\n\nEvolution Group Plc (\"Evolution\"), the investment bank and retail fund\nmanagement group, notes the announcement made today by the Financial Services\nAuthority (\"FSA\") regarding W Deb MVL Plc, formerly known as Williams de Broe\nPlc. The FSA announcement gives details of a fine imposed on W Deb MVL Plc of\n£560,000.\n\nWhen Evolution acquired Williams de Broe Plc it secured an indemnity against the\nongoing FSA investigation from its former parent company, ING Belgium. As a\nresult of this indemnity all costs of the investigation and the fine are being\nmet by the former parent.\n\nThe fine imposed by the FSA relates to an investigation into \"a failure of\nsystems and controls at Williams de Broe Plc\", prior to Evolution's acquisition\nof Williams de Broe Plc in June 2006. The breaches occurred during the period\nDecember 2001 to May 2005 and the fine relates solely to historic events and\nproblems that no longer effect the on-going business, acquired by Evolution.\n\nEvolution has successfully migrated both the clients and staff of Williams de\nBroe Plc's institutional and private client divisions into its existing\nbusinesses. Subsequently, the legal entity that has been the subject of the fine\nis in the final stages of being closed down before being placed into members\nvoluntary liquidation later in the year.\n\n Ends\n\nFor more information please contact:\n\nEvolution Group Plc Tel: 020 7071 4300\nAlex Snow, Chief Executive Officer\nGraeme Dell, Finance Director\n\n\nBell Pottinger Corporate and Financial Tel: 020 7861 3232\nCharles Cook\nSarah Hilyer\n\n\nNotes to Editors:\n\nAcquisition of Williams de Broe:\n\nThe acquisition of Williams de Broe was completed on 3 June 2006.\n\nIn July 2006, the institutional business was fully integrated into Evolution\nSecurities investment banking operation. The private client business of Williams\nde Broe was merged with Christows, the private client stockbroking and asset\nmanagement business of Evolution Group. The integration was successfully\ncompleted on 6 October 2006 with the successful transfer of client funds under\nmanagement onto Christows' operating platforms. At the same time Christows\nLimited was re-named and th...