HSBC sued for £150m in relation to Disney tax avoidance scheme February 18, 2019 HSBC Private Bank is being sued for £150m by over 400 investors in connection with a film financing scheme that purported to invest money in Disney blockbusters for tax benefits. Investors, including ex-Manchester United manager Sir Alex Ferguson and ex-England managers Sven-Goran Eriksson and Glenn Hoddle, lost out after tax authorities ruled that the film [...]
Disgruntled ex-Linklaters exec agrees not to disclose information alleging Magic Circle firm’s ‘struggle’ with women February 18, 2019 An aggrieved former senior executive at Magic Circle law firm Linklaters has agreed to destroy a set of documents related to a case about the firm’s alleged “ongoing struggle" with women. Former chief marketing officer Frank Mellish had threatened to disclose information about the firm's culture and the way it dealt with three incidents internally after losing [...]
BDO appointed administrator of failed regional airline Flybmi February 18, 2019 Accountancy firm BDO has been appointed administrator of collapsed regional airline Flybmi. Business restructuring partners Graham Newton, Tony Nygate, and James Stephen will take on the roles of joint administrators. Read more: Flybmi: Regional airline Loganair takes on cancelled routes Nygate said: “As joint administrators, we are taking all necessary steps to ensure customers, staff [...]
UK faces ‘large gaps’ in the law as just 13 per cent of EU regulations have been transferred ahead of Brexit February 18, 2019 Businesses face extensive disruption on the UK's scheduled departure date from the EU unless thousands of laws are amended in time for the 29 March deadline. Just 13 per cent of EU legislative regulations have been earmarked for retention by the government, meaning it faces a huge task in ensuring that all relevant laws are [...]
Darktrace risks being dragged into US probe into billionaire Mike Lynch February 17, 2019 UK cybersecurity darling Darktrace is at risk of being pulled into the US fraud case against tech billionaire Mike Lynch and his former Autonomy colleague Sushovan Hussain. US court documents show that Federal Bureau of Investigation agents held a voluntary interview with Darktrace’s co-chief executive Nicole Eagan, as first reported by the Sunday Telegraph. Read [...]
Property legal Q&A: Can I change my solicitors part-way through the purchase of my flat? February 15, 2019 You do not say why you wish to change your solicitors, but among the most common reasons for doing so are dissatisfaction with the level of service being provided, where a conflict of interest has arisen, or the need for particular expertise. If you have a complaint about your solicitor, this can often be resolved [...]
EY moves European parent company to Brussels as it prepares for Brexit February 14, 2019 Big Four accountancy firm EY is shifting its legal entity from London to Brussels as it braces for the UK’s exit from the European Union. The move will form a new legal umbrella entity, EY Europe SCRL, which will manage around 40 firms across the continent. EY said there would be no changes in leadership [...]
EU agrees draft copyright reform amid clash between publishers and tech giants February 14, 2019 EU negotiators have reached a deal to reform copyright rules in a move that could overhaul intellectual property rights in the digital age and strike a blow against tech giants. The EU Commission late last night secured a draft agreement to force online platforms to take down user-generated content that breaches intellectual property rights. Read [...]
Big Four accountants face Australian competition probe February 13, 2019 The Big Four accountancy firms face fresh global pressure as an Australian probe investigates whether they have operated as a cartel in the country. The Australian Competition and Consumer Commission (ACCC) contacted Deloitte, EY, KPMG and PwC late last year to request information, in order to determine whether a full inquiry is needed, the Australian [...]
Ex-Barclays trader accused of Euribor rigging felt ‘let down and used’ by private messages February 11, 2019 A former Barclays employee on trial for Euribor rigging has said he felt "let down and used" when he discovered that a colleague had been privately discussing with another trader at a rival bank how they could alter submissions for the interest rate benchmark. Colin Bermingham, 62, told Southwark Crown Court he felt it was "absolutely not right" that [...]