Is the SFO giving executives an easy ride in bribery cases? February 25, 2020 The Serious Fraud Office (SFO) has developed a lucrative model of targeting large companies in bribery and corruption cases, striking a Deferred Prosecution Agreement (DPA) to suspend criminal charges and extracting a sizeable financial penalty. Last month, the SFO agreed a €991m (£831m) DPA with planemaker Airbus as part of a €3.6bn deal with prosecutors [...]
Solicitors’ watchdog will not appeal against decision not to strike off ex-Freshfields partner Ryan Beckwith after ‘inappropriate’ sex case February 24, 2020 Solicitors’ watchdog the Solicitors Regulation Authority (SRA) said today it will not seek to appeal against a tribunal decision that allowed former Freshfields partner Ryan Beckwith to remain a member of the profession. In October, restructuring lawyer Ryan Beckwith was fined £35,000 and ordered to pay costs of £200,000 by the Solicitors Disciplinary Tribunal (SDT). [...]
Audit watchdog to test how companies and auditors report climate change risk February 20, 2020 Audit watchdog the Financial Reporting Council (FRC) today announced a major review of how companies and auditors report on the impact of climate change. The FRC said it will review the extent to which UK companies and auditors are responding to the the impact of climate change on their businesses to ensure reporting requirements are [...]
PSG president Nasser Al-Khelaifi charged in bribery case February 20, 2020 Paris St-Germain president Nasser Al-Khelaifi has been indicted by Swiss authorities in connection with a wider Fifa bribery investigation concerning World Cup television rights. Prosecutors have charged Al-Khelaifi with inciting former FIFA secretary general Jerome Valcke to commit criminal mismanagement. Valcke – who had influence over awarding TV rights for FIFA tournaments until 2015 – has also [...]
Hays profit slumps as fee income falls February 20, 2020 Recruitment firm Hays reported a fall in profit this morning after the UK general election and a weak economy in Germany hurt revenue. The figures Like-for-like operating profit dropped 18 per cent to £100.1m, down from £124.1m in 2018, as net fees slumped two per cent to £553.1m. Profit before tax was also down 22 [...]
Judges accused of not using powers to cut employment tribunal backlog February 17, 2020 Judges are not exercising their power to dismiss claims early at employment tribunals, despite a growing backlog, a law firm said. Over the last year, judges did not use their power of early dismissal in any of the 94,330 new cases received by employment tribunals. Judges have the power to dismiss a claim or a [...]
Banknote printer De La Rue set for review of finances February 15, 2020 The Bank of England’s banknote printer, De La Rue, is set for talks with its lenders after calling in advisers to review the business. De La Rue’s banking syndicate, led by HSBC, has appointed FTI Consulting to negotiate the future of its borrowing arrangements with lenders, according to Sky News Last November, the firm said [...]
Insolvency firm FRP Advisory appoints broker for London float February 12, 2020 Insolvency firm FRP Advisory has appointed broker Cenkos Securities for an upcoming London listing. The insolvency practitioner, which also advises clients on corporate finance matters, is planning to raise £30m in a float that will value it at £200m. Recent mandates for FRP include acting as administrator for cake chain Patisserie Valerie. FRP took over [...]
Burford Capital faces setback in bitter battle over £350m mega-yacht February 11, 2020 Litigation funder Burford Capital has faced a setback in its battle to secure control of a £350m yacht in Dubai as part of a bitter divorce battle. Burford has funded Tatiana Akhmedova’s fight to secure the £453m divorce settlement granted against her ex-husband Farkhad Akhmedov by the English courts in 2016. Akhmedov refused to pay [...]
Outgoing Deloitte boss took home £3.3m last year February 9, 2020 The outgoing boss of Deloitte took home £3.3m last year, the audit giant’s accounts show. David Sproul stepped down as chief executive and senior partner of the firm’s north and south Europe partnership (which includes the UK) last year to take up the role of global deputy chief executive of the firm. His pay increased [...]