A possible breakdown in the sale of the second largest British steelmaker British Steel could have been provoked by an influential sales representative from City Bank, who was previously prosecuted for market abuse. About this on Friday writes The Guardian .
"Hannam & Partners, managed by former JP Morgan trader Ian Hannam, took part in discussions between former Business Secretary Greg Clark and Ataer Holdings," the publication reported.
Ataer Holdings, a subsidiary of the Turkish army pension fund Oyak, was later selected as the preferred bidder for British Steel, which went bankrupt in May.
Negotiations have since stalled, and on Thursday a period of exclusive negotiations with Ataer ended without a deal, giving the official recipient, the government official in charge of the sale, the right to communicate freely with other potential buyers.
Immediately thereafter, reports emerged that the Chinese firm Jingye and the British holding company Liberty House, which is run by steel tycoon Sanjeev Gupta, have resumed negotiations to buy the troubled business.
However, Ataer has yet to announce a loss of interest in the deal, which means that parent company Oyak - the subject of union concerns over its ties to the Turkish army involved in the conflict in Syria - may still eventually acquire British Steel with the help of Ian Hannam.
Hannam's engagement marks the return to the forefront of one of City Bank's most influential dealers, renowned for its expertise in mergers and acquisitions, especially in the mining sector.
Hannam, 63, was fined £ 450,000 by the Financial Conduct Authority in 2012 for transmitting insider emails about Heritage Oil to the Minister of Natural Resources of Iraqi Kurdistan.
