Viceroy Research accused in UK Parliament of Russian state links, fake news propaganda

09:02 PM | 12 Apr, 2023
Viceroy Research accused in UK Parliament of Russian state links, fake news propaganda

By our correspondent

LONDON – A high-profile British parliamentarian has told the British Parliament the head of short-selling group Viceroy Research and its leader Fraser John Perring has links with the Russian state and President Putin.

Labour MP Liam Byrne spoke in a debate in the parliament during the Business Question time. The Labour MP said the issue of Russian links of Viceroy Research and its leader Fraser Perring was serious in nature and that there should be a proper debate in the parliament.

Addressing his questions to Tom Tugendhat MBE, the Minister for Security, the Labour MP said a debate in the parliament was necessary “on the activities of short-selling attack group Viceroy Research and its leader Fraser Perring”.

Liam Byrne said he has been told that Viceroy Research “works hand in glove with Boatman Capital, which launched the short-selling attack on Babcock International while it was overhauling our nuclear submarines”.

Liam Byrne raised questions about visits of Fraser Perring to Russia on a frequent basis. He said: “Mr John Fraser Perring is a not infrequent visitor to Moscow, and is now targeting Home REIT, which provides homelessness services, including to homeless veterans. We must ensure that short-selling groups are not another weapon in Putin’s arsenal. Where there are links between short-selling attack groups and the Kremlins, we need to know.”

Viceroy’s methods and ethics have long been called into question over several years. They have been the subject of allegations of plagiarism in the past and successfully sued for fake and defamatory statements. Commissioned by Business Leadership South Africa, Intellidex had reported that Viceroy’s Steinhoff report was substantially plagiarised from a report produced by hedge fund Portsea Asset Management. The Intellidex report had said that Viceroy’s reporting varies wildly in quality and credibility and appears to interweave false statements into purported facts.

In two major litigation cases in the US and in South Africa, Fraser Perring was accused of conspiring to manipulate stock price, making false, defamatory, deceptive and misleading statements, impersonating personnel and creating fake whistleblowing accounts.

In 2021, the South African Financial Sector Conduct Authority (FSCA) fined Viceroy Research LLC and its partners Aiden Lau, Fraser John Perring and Gabriel Bernarde R50 million ($3.5 million fine) for damaging and false remarks that the short-selling firm made about South Africa's Capitec Bank (SA's then fourth-most valuable bank). The remarks triggered a 25% slump in Capitec's share price in January 2018, wiping out almost R10 billion in value. According to the judgment, Viceroy had an agreement with a hedge fund, Oasis, which made an estimated profit of R82 million amid the panic selling. The share of Viceroy in the profit from short positions taken by Oasis on Capitec was estimated by the authority to be close to $744 482 (R10 million at the time), shared equally among the partners.

After Viceroy published a report into MPW, JP Morgan reported they had poor quality of research and a lack of understanding of the financial and other details of the businesses they attacked.

German financial watchdog Bafin said Viceroy had breached German securities law and ProSiebenSat.1, the German mass media company, stated allegations made in a report by Viceroy were “unfounded and distorting reality”. Under German law, any entity that is not a securities firm, a fund manager, an EU administrative firm or an investment company that intends to publish recommendations on investments in assets must notify Bafin ahead of time, it said, adding that Viceroy’s website did not contain information on where the company was based.

Fraser John Perring himself – who has no financial training or background to speak of – has been described as dishonest by several reports and was struck off being a social worker due to falsifying records. Perring had been struck off the Health and Care Professionals Council (HCPC) Register for failing to contact a child’s extended family to arrange alternate care and then falsifying case records to cover his failure whilst working for Lincolnshire County Council.

Earlier in March 2023, it was reported that Viceroy Research and Fraser Perring are being reported for market manipulation and wire fraud on Medical Properties Trust (MPW) to the Securities and Exchange Commission (SEC) in the US, Australian Securities & Investments Commission (ASIC) in Australia and Financial Conduct Authority (FCA) in Britain. Since 2019 Viceroy has been based in the US after being convicted and fined for the same crime in South Africa.

Viceroy Research’s modus operandi to use dubious investigators, paid journalists and lawyers to use blackmailing tactics in order to pressure people and organisations are now under scrutiny. Lately in one case Viceroy Research used services of a shady private investigation firm “Tacet Global” run by Greg Gillespie who dissolved the company from UK Companies House register soon after a deal was accomplished with Viceroy Research.

Viceroy Research and Fraser Perring have also been dealing extensively with certain nationalist party leaning factions to control media in the Republic of Malta. They have produced reports in association with the nationalist party leaning media houses to launch targeted attacks against business groups and persons for their own agenda.


Pakistani rupee maintains momentum against US dollar, Euro, Riyal; check forex rates here

Pakistani rupee continues to show resistance against US dollar in the open market on Monday amid positive economic indicators.

Dollar Rate in Pakistan Today

On first working day of the week, the US dollar in open market stands at 284 for buying and 287.15 for selling.

Euro price moves up to 310.71 for buying and 311.31 for selling. British Pound rate stands at 357.55 for buying, and 358.2 for selling after marginal increase.

UAE Dirham AED stands at 77.55 whereas the Saudi Riyal also witnessed slight fall and new price stands at 75.94.

Today's currency exchange rates in Pakistan - 27 November 2022

Currency Symbol Buying Selling
US Dollar ‎USD 284 287.15
Euro EUR 310.71 311.31
UK Pound Sterling GBP 357.55 358.2
U.A.E Dirham AED 77.55 77.7
Saudi Riyal SAR 75.94 76.09
Australian Dollar AUD 186.85 187.35
Bahrain Dinar BHD 751.53 759.53
Canadian Dollar CAD 208 208.5
China Yuan CNY 39.8 39.9
Danish Krone DKK 41.79 41.89
Hong Kong Dollar HKD 36.52 36.62
Indian Rupee INR 3.39 3.5
Japanese Yen JPY 1.89 1.92
Kuwaiti Dinar KWD 916.38 925.38
Malaysian Ringgit MYR 60.38 60.98
New Zealand Dollar NZD 170.9 172.9
Norwegians Krone NOK 26.25 26.55
Omani Riyal OMR 734.05 742.05
Qatari Riyal ‎QAR 77.63 78.33
Singapore Dollar SGD 212.2 212.7
Swedish Korona SEK 27.08 27.18
Swiss Franc CHF 322.39 322.89
Thai Bhat THB 8 8.04

Gold rates in Pakistan move up; Check today’s gold rates 27 November 2023

KARACHI – Gold rates in Pakistan continue to climb higher on Monday amid surge in global trend.

Gold Rates in Pakistan Today - 27 November 2023

On Monday, the price of 24-karat gold stands at Rs215,500 per tola, and 10 gram costs Rs184,750 per tola.

Single tola of 22 Karat Gold price stands at Rs198,550, 21 karat rate for per tola is Rs189, 525 and 18k gold rate stands at Rs162,450.00 for 1 tola.

In the international market, the price of bullion hovers around $2010 per ounce with incrrease of around $8.

Today Gold Rate in Pakistan

City Gold Silver
Lahore PKR 215,500 PKR 2,610
Karachi PKR 215,500 PKR 2,610
Islamabad PKR 215,500 PKR 2,610
Peshawar PKR 215,500 PKR 2,610
Quetta PKR 215,500 PKR 2,610
Sialkot PKR 215,500 PKR 2,610
Attock PKR 215,500 PKR 2,610
Gujranwala PKR 215,500 PKR 2,610
Jehlum PKR 215,500 PKR 2,610
Multan PKR 215,500 PKR 2,610
Bahawalpur PKR 215,500 PKR 2,610
Gujrat PKR 215,500 PKR 2,610
Nawabshah PKR 215,500 PKR 2,610
Chakwal PKR 215,500 PKR 2,610
Hyderabad PKR 215,500 PKR 2,610
Nowshehra PKR 215,500 PKR 2,610
Sargodha PKR 215,500 PKR 2,610
Faisalabad PKR 215,500 PKR 2,610
Mirpur PKR 215,500 PKR 2,610


Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter