Cairn treasurer denies knowing HSBC would pre-hedge order

Yet neither the corporate nor its adviser instructed the bank how to deal with the $3.5 billion order

Buy ahead: “I didn’t give any instructions how it should be executed” – Rob Scriven, Cairn Energy

A representative of Cairn Energy has denied knowing HSBC bankers would trade ahead of their multi-billion foreign exchange order, stating the bank would not have won the mandate to carry out the transaction had the corporation known.

Still, Robert Scriven, group treasurer at Cairn, denied giving instructions to HSBC on how to execute the $3.5 billion order. He told the Eastern District Court of New York on October 3 that the oil and gas company was looking for a bank able to deliver the best

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