Financial Times quotes comments from BullionStar's Precious Metals Analyst, Ronan Manly, about LBMA Board
- 20 Sep 2019
The Financial Times (FT) has quoted BullionStar’s precious metals analyst, Ronan Manly in its Friday 20 September, in an article titled “LBMA ‘in discussions’ with JP Morgan after board member indictment”.
The FT article discusses how a JP Morgan executive, Michael Nowak, who is at the center of a Department of Justice investigation into precious metals market manipulation, was still a current Board member on the London Bullion Market Assocation’s (LBMA) Board.
The FT quote is as follows:
“People are shocked that an LBMA board member is at the centre of the DoJs case, and in disbelief that Nowak is still, according to the LBMA website, listed as a LBMA board member,” Ronan Manly, a precious metals analyst at BullionStar in Singapore, said.
“The LBMA board sits above the entire LBMA governance structure, so even though the DoJ case is allegation at this stage, it taints the LBMA.”
Literally a few hours after the Financial Times published this article, the LBMA announced that it had removed Michael Nowak from its Board, saying that “in light of the ongoing investigation by the Department of Justice, the LBMA, under the terms of its Articles of Association, has removed Mr Nowak from its board.”
The FT then updated its online version of the article, changing the title to “LBMA removes JP Morgan board member after indictment.” For those with an FT subscription, the updated article can be accessed here. Screenshots from the original article, as well as background explaining this fast moving series of events can be accessed in the BullionStar article "LBMA Removes JP Morgan’s Michael Nowak from the LBMA Board".