Credit Suisse chief compliance officer resigns as shake up continues in the aftermath of Greensill July 12, 2021 Credit Suisse’s chief compliance officer will depart the bank as it continues a shake up by its new chairman in the wake of a series of costly scandals. The banking giant announced that its Swiss chief compliance, Floriana Scarlato, would leave with immediate effect to explore opportunities elsewhere. Recently appointed chairman Antonio Horta-Osorio has vowed to [...]
Charles Stanley revenues on the rise at £46m July 12, 2021 Investment management firm Charles Stanley (CAY) saw revenue, total funds under management and administration grow in the first quarter. The wealth-management services group said total funds under management and administration increased by almost 6 per cent to £27bn as of June 30, from £25.6bn at March 31. Total revenue for the quarter was up by 8 [...]
1MDB and Malaysia sue 44 KPMG partners for $5.6bn July 9, 2021 Malaysia govt, its Ministry of Finance and 1MDB are suing 44 KPMG Malaysia partners in a $5.64bn suit for their part in auditing the state investment fund. The lawsuit, which was filed earlier this week, accused KPMG of committing breaches of contract and negligence in its audit and certification of 1MDB’s financial statements for the [...]
‘Memory affected by long Covid’: Top City lawyer denies lying under oath July 9, 2021 City lawyer Neil Gerrard rejected the notion he lied under oath during a multimillion-pound High Court trial after text messages emerged suggesting he knew one of his client’s senior employees was secretly giving evidence to investigators. Gerrard and his firm Dechert represented Kazakh mining giant Eurasian Natural Resources Corporation (ENRC) between 2011 and 2013, investigating [...]
London IPO: LendInvest prices AIM float as it looks to raise £40m July 9, 2021 Property finance asset manager LendInvest will float on the AIM index on Wednesday, with shares priced at 186p
Asylum seekers crossing English Channel no longer face prosecution July 8, 2021 The Crown Prosecution Service (CPS) today said migrants who cross the English Channel seeking asylum in the UK will no longer be prosecuted. An agreement was struck between police, prosecutors, the National Crime Agency, Border Force and the Home Office over cases involving “illegal entry”. It will also apply to those arriving by lorry. However, [...]
HMRC yet to win a single prosecution that’s used an account freezing order July 8, 2021 HMRC yet to win a single prosecution that used an account freezing order
Audit reforms: IoD call for caution in plans to break Big Four dominance July 8, 2021 The government should approach its plans for an audit and corporate governance reform with greater caution, said the Institute of Directors (IoD). A government white paper aimed at breaking up the concentration of the Big Four auditing firms – Deloitte, PwC, KPMG and EY has stirred criticism from the business group, who said that the [...]
Cairn Energy wins freeze on India-owned assets worth €20m in Paris July 8, 2021 UK-listed Cairn Energy wins a freeze on some of India’s state-owned assets in Paris, worth over €20m (£17m), as the company dials up the pressure on the government of India to pay an arbitration award that it won last year. Cairn said the freeze was ordered by a French tribunal on around 20 centrally located [...]
BlackRock raises $250m for climate funds in emerging markets July 8, 2021 BlackRock raised over $250m (£181m) for its climate finance fund to invest in a selection of countries in Asia, Latin America, and Africa, the company announced today. Through its Climate Finance Partnership, the world’s biggest asset manager will focus on investing in renewable power generation, energy storage solutions and electrified transportation services. Blackrock said it aims [...]