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Icap denies coal trading team departure

Icap Energy has denied its coal team is defecting to Prebon Energy. On Tuesday, Prebon issued a press statement saying three members of the Icap coal team were joining the broker to strengthen its presence in coal markets.

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“This is the eleventh occasion in 14 years [that] Prebon has made extravagant offers to people at Icap Energy. And not a single senior broker has ever left,” said Icap managing director Paul Newman. “[Prebon offers] are a fairly routine matter,” he added.

But Prebon Energy managing director Andrew Polydor claimed the defection of Icap’s coal team was fact. “All three have signed contracts with us and are committed to joining Prebon,” he said.

George Dranganoudis, head of the Icap coal team, would not comment, except to say he was “still an employee of Icap”.

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