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Anger over ‘shambolic’ phone app shares sale
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Britain’s financial regulator faces criticism this weekend over the “shambolic” listing on the London Stock Exchange of a healthcare company facing allegations that some of its shares were traded fraudulently.
The Financial Conduct Authority (FCA) approved Umuthi Healthcare Solutions for admission to the London Stock Exchange (LSE) in March. The company has developed a smartphone app to help medicines reach doctors in remote rural areas.
Trading is now suspended in the firm. Police in South Africa are investigating claims that millions of nonexistent shares were sold to investors for about £2.45m before the flotation.
Anthony Morris, of the Umuthi major shareholder group, said: “This listing has been a complete shambles and should never have
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