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Morgans’ glaring Firmus IPO conflict of interest can’t be ignored

The Australian Financial Review (AFR) •
October 23, 2026 • 02:39 AM
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Alarm bells should go off that the firm’s staff and clients had invested more than $300 million in the data centre developer ahead of its aborted ASX listing.

Morgans’ glaring Firmus IPO conflict of interest can’t be ignored

In the post-mortem of Firmus Technologies’ failed $44 billion ASX listing, it’s glaringly obvious that rampant insider dealing, conflicts of interest, and a lack of transparency contributed to the blockbuster float’s demise.

Investors will bear the scars for many months. Conflicts were able to flourish as float preparations ramped up, including at Brisbane-based stockbroking firm Morgans, whose staff and select clients had already invested more than $300 million in the artificial intelligence infrastructure business.

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