ASX directors to quit after fine

Finemore, Aboud preparing to resign amid share-trading scandal.

Two directors of the Australian Securities Exchange (ASX), Shane Finemore and Russell Aboud, are preparing to resign their positions over dealings by their $1.5 billion hedge fund Manikay Partners, according to The Australian.

The directors will reportedly resign Thursday morning.

The United States Securities and Exchange Commission has fined Manikay for short-selling shares in Citigroup in 2009.

Manikay is among 23 funds caught in the SEC crackdown on short-selling.

“The ASX chairman has been notified by Russel Aboud and Shane Finemore of their intention to resign from the board in the morning,” a spokesman for the ASX told The Australian Wednesday night.

“Once they have done so we will make a further statement to the market.”

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