Marex rejects short seller 'house of cards' claims and commits to Australian expansion
The Nasdaq-listed, UK broker has refuted claims it is facing financial difficulties as it grows its local footprint amid staff exits.
Ambitious UK financial services company Marex has rejected short seller allegations it manipulated its accounts and recommitted to the Australian market despite a string of senior departures from its local arm.
After a report from short seller Ningi Research alleging Marex was a “financial house of cards” sent jitters through markets last week, the company, which is an ASX futures and clearing participant, told Capital Brief it was in a strong position financially and still growing rapidly in the region.
“Marex continues to report strong growth in Australia and New Zealand, with new offices opened in Brisbane and Auckland in the past year and the Sydney office taking on bigger premises,” a spokesperson said.
Marex also denied that a string of exits from the Australian business including chief executive Hugh Gallagher and CFO Lachlan Brown last year, COO Nick Scarfe in May, as well as the head of clearing sales and a director of clearing services, were symptomatic of larger operational issues.
