In a rare event, the UK’s Takeover Panel publicly criticised investment bank Credit Suisse and law firms Freshfields Bruckhaus Deringer and Holman Fenwick Willan for breaching UK code of conduct rules in the creation of a troubled Indonesian coal miner, Bumi, that neared bankruptcy before being taken private this year.

The UK Takeover Panel admonished JP Morgan Chase as well for its involvement in the deal but stopped short of public censure on grounds that its conduct was disappointing but not sufficiently serious to merit public criticism. No fines or penalties were levied on the firms.