By Mark Kleinman, City Editor
The crisis engulfing the FTSE-100 mining company ENRC has deepened with the resignation of its two blue-chip brokers.
I have learnt that Deutsche Bank and Morgan Stanley, two of the banks which have advised ENRC since it arrived on the London market in 2007, have both quit in recent days. They are understood to have made tens of millions of pounds in fees from the flotation.
Their departure follows confirmation that the Serious Fraud Office has launched a criminal probe into allegations of corruption at the company.
In recent months a bitter boardroom battle has erupted at ENRC, which is part-owned by the Kazakh government and three oligarchs who control 44% of the shares. The chairman, Mehmet Dalman, and several other directors have quit in protest at the handling of the alleged wrongdoing.
The oligarchs and the government are now considering an offer for the outstanding shares, which have lost most of their value since the 2007 listing, sparking anger from City shareholders.
The row has reignited the debate over listing standards in London and the merits of the City's status as a capital-raising hub for emerging markets-based tycoons.
ENRC's board is interviewing potential replacements for Deutsche and Morgan Stanley although no Wall Street banks are likely to be involved because of the SFO's inquiry.
Morgan Stanley declined to comment.
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