Emma lost all credibility after she claimed to have improved the relationship with CBI only to have to make an ASX announcement to the contrary the very next day, as recounted in Joe Aston's recent AFR article ...
"On the interim results call on February 22 ... chief executive Emma Shand told investors that “We have strengthened our board governance … Indeed, our substantial progress on governance has been acknowledged by the Central Bank of Ireland.”
Hilariously, EML received correspondence from the Central Bank that very evening, and EML had to update the ASX that the CBI “considers that [EML subsidiary] PCSIL has made limited remediation progress to date with significant ongoing deficiencies remaining in PCSIL’s [anti-money laundering/counter-terrorism finance] control framework. CBI also notes that it is not satisfied with PCSIL’s remediation plan and timetable for completion.”
The Central Bank then slapped a cap of nil growth on payment volumes for the next 12 months."
EML Price at posting:
57.5¢ Sentiment: Hold Disclosure: Held
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