由此 - 15 - A B A that, reading the Article as a whole, it seems to treats ARY Traders and ARY (and indeed all other companies in the ARY Group) as C B C interchangeable and essentially the same entity. D D E 50. Section II suggests there is more to the “routine E announcement” by LBMA than meets the eye. Developing the general F G theme of Section I, Section II alleges that the revocation of membership was “the first overt outcome of a long investigation into money-laundering, F G drug-trafficking and possible terrorism-financing”. Section II therefore H I implies that ARY Traders and ARY (as proprietor of ARY Traders’ business) are likely engaged in those illegal activities and the revocation of H I ARY Traders’ membership is the first visible fruit of alleged investigations J into their wrongdoing. K K 51. L M J Further, when referring to the closure of some of ARY’s British bank accounts by unidentified authorities, Section II implies that such closures are another tangible result of the alleged ongoing L M investigations into the illegal activities of ARY and ARY Traders. N N O 52. It therefore seems to me that the meanings pleaded in SOC O §§8(a), (b) and (g) are made out. P P Q 53. The press notice released by the LBMA on 30 August 2005 Q merely stated that the associate membership of “ARY of Dubai” was R S revoked because it “failed to provide ongoing sponsorship as required by the LBMA constitution”. As far as I can see from the documents disclosed R S by ATOL, there is just no evidence that the revocation of LBMA associate T T membership was linked in some way to any sort of ongoing investigations. U U V V

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