Block Russian oligarch from spending frozen funds, High Court told September 27, 2022 The UK’s National Crime Agency (NCA) is seeking to block sanctioned Russian billionaire Petr Aven from using £1.5m in frozen funds stored in bank accounts linked to two companies responsible for managing his central London properties and Surrey estate. The £1.5m funds were frozen by the NCA in May after HSBC and Monzo Bank raised [...]
Junior KPMG auditor ‘should have questioned’ manager’s instructions, tribunal says September 27, 2022 A 25-year-old junior KPMG auditor, who copied meeting minutes into a document as part of a scheme to deceive the UK’s Financial Reporting Council (FRC), “should have questioned” his manager’s instructions, a disciplinary tribunal has said. Junior accountant Pratik Paw, who was asked to forge documents by his superiors during an FRC inspection of KPMG’s [...]
Liz Truss urged to ‘remain committed’ to audit reform September 26, 2022 One of the UK’s largest audit sector trade bodies has called on the UK’s new government to set out a “clear timetable” for its plans to overhaul the UK’s audit sector in claiming audit reform will play a vital role in securing long-term economic growth. Writing to UK prime minister Liz Truss, business secretary [...]
Union to ballot 150,000 civil servants on plans for public sector strike September 26, 2022 The public sector workers’ union is set to ballot more than 150,000 civil servants on plans to strike over pay and working conditions. The Public and Commercial Services Union (PCS) said it is urging its members in 214 government departments to vote in favour of taking industrial action, after the UK government set out plans [...]
Plane crash victims seek £750m damages from insurers via High Court lawsuit September 22, 2022 Survivors of a plane crash that killed 71 people have filed a High Court lawsuit against insurers Aon and Tokio Marine Kiln seeking $844m in compensation over the 2016 disaster that caused the deaths of 19 members of Brazil’s Chapecoense football team. Victims of the 2016 LaMia crash that killed almost all of the [...]
UK’s new housing minister vows to crack down on ‘immoral’ insurance deals September 22, 2022 The UK’s new housing minister has vowed to crack down on “immoral” practices in the insurance sector that “drive up prices for consumers,” after tower block leaseholders were hit with surging premiums in the wake of the Grenfell tower disaster. In a comment piece in The Telegraph, Housing secretary Simon Clarke said his department [...]
Lawyers welcome plans to boost arbitration laws to secure London’s status as leading disputes hub September 22, 2022 Lawyers have welcomed the Law Commission’s plans to amend the Arbitration Act 1996 with a view to strengthening the UK’s position as a “leading destination” for commercial disputes. The Law Commission’s plans aim to boost the cost savings, efficiency, and confidentiality benefits arbitration has over litigation, by strengthening the powers of arbitration tribunals and streamlining [...]
Addleshaw Goddard signs lease on larger London offices September 22, 2022 Addleshaw Goddard has signed a 15-year lease on new offices at the heart of London’s financial centre in a vote of confidence in the City. The City law firm is set to leave its Milton Gate offices near the Barbican for the newly refurbished 41 Lothbury building, opposite the Bank of England. Addleshaw Goddard is [...]
UK government to open negotiations with striking barristers following ‘constructive’ meeting September 21, 2022 The Criminal Bar Association (CBA) has said it will call off a demonstration, planned for this Thursday, following an introductory meeting with the UK’s new justice secretary Brandon Lewis. In a joint statement, the CBA and Bar Council said the introductory meeting had been “constructive” as the barrsiters’ trade bodies said “detailed conversations now will [...]
Sanjeev Gupta’s auditor King & King quit over lack of evidence September 21, 2022 The tiny firm that audits the accounts of Sanjeev Gupta’s steelmaking empire has said it resigned from auditing four of the magnate’s companies due to being unable to complete its audits because a “lack of sufficient information.” In a letter filed to Companies House, King & King said it had resigned as auditor four of [...]