Matthew McGrath

According to Matthew McGrath, a UBS spokesman, UBS will continue to cover some Indonesian stocks regionally out of Hong Kong and Singapore and its Indonesia equity strategy and economics coverage.The bank is already looking to replace those that have left."Our commitment to this very important market remains completely unchanged," says McGrath.

Leading the research effort at the new house will be Irawan, a well-regarded analyst who regularly features in the top three places in Institutional Investor's annual research rankings.Before running UBS's Indonesia research effort he was head of HSBC's local equity research and has also worked for Merrill Lynch.

Mr Mathew McGrathManaging DirectorHead of Corporate Communications, Asia Pacific

Matthew McGrath, Managing Director, Regional Head of Corporate Communications, Asia Pacific, UBS

Matthew McGrath, a Hong Kong-based spokesman at UBS, declined to comment.

Matthew McGrath

(M) +852 9325 0166

Confirming the development, Mathew McGrath, a UBS Securities' spokesperson based in Hong Kong said: ‘‘UBS Securities Asia filed an appeal against the Sebi's May 17 '05 order on June 27.

Mathew McGrath, a UBS Securities spokesperson based in Hong Kong confirmed this development to FE.He said, "The appeal has been filed on the basis that it (UBS Securities Asia) does not accept the order's findings and expressly denies any deliberate misconduct."

UBS spokesperson, Matthew McGrath, said UBS is seeking further legal advice and intents to appeal the regulatory decision.