No conflict of interest? ISR's stand on adviser's role puzzling

THE board of ISR Capital is making a mockery of the notion of conflict by insisting that there is no issue with taking deal advice from someone who also sits on the opposite side of the table.

In reply to pointed queries by the Singapore Exchange (SGX), ISR revealed on Sunday night that Timothy Morrison, a partner of Empire Capital Partners, is also a director of REO Magnetic, the company from which ISR has agreed to buy a 60 per cent stake in a Madagascar rare earths miner in exchange for ISR shares.

Empire Capital Partners also happens to be advising ISR on the deal with REO, which has yet to be completed. That Mr Morrison has a seat on both sides of the table does not appear to concern ISR's board, which said that it does not consider Mr Morrison's directorship at REO to be a conflict of interest.