Azerbaijani woman who spent £16m in Harrods granted bail by High Court November 8, 2018 A woman who spent £16m at Harrods and is fighting extradition to Azerbaijan has been released on bail following her arrest last week on embezzlement charges. Zamira Hajiyeva, the wife of an Azerbaijan banker who is serving a 15-year prison sentence in their home country, is the subject of the UK's first Unexplained Wealth Order (UWO), a new [...]
KPMG will halt non-audit work on FTSE 350 clients in wake of Carillion November 8, 2018 KPMG is set to become the first of the so-called Big Four to cease all non-audit work for FTSE 350 clients in the wake of Carillion. The auditor will stop providing all but some essential non-audit services for the 90 FTSE 350 customers whose accounts it audits, it has told 625 UK partners in a [...]
In a rare move, HMRC is refunding some parents who were liable for the child benefit charge – here’s what you need to know November 8, 2018 It is unusual for HMRC to admit that it has been too heavy-handed, so last week came as a welcome surprise to many parents who have been hit with fines in relation to child benefits. If you are responsible for bringing up a child under 16 (or under 20 if they are in education), you [...]
Barnardo’s loses pension scheme appeal in Supreme Court November 7, 2018 The Supreme Court ruled yesterday that children's charity Barnado's can not change the index it uses to protect pensions from inflation. In a unanimous verdict judges ruled the charity may not switch the measure of inflation used on its pension scheme from the retail prices index (RPI) to the consumer prices index (CPI). The move to [...]
Azerbaijani woman who spent £16m in Harrods has reportedly been arrested and faces extradition November 6, 2018 The wife of an Azeri banker who spent £16m in Harrods and was the subject of the UK’s first unexplained wealth order (UWO) has reportedly been arrested, pending extradition. Zamira Hajiyeva, 55, was exposed as the subject of a UWO which forced her to reveal how she was able to afford two UK properties worth a [...]
Ban auditors from immediately selling new services to outgoing clients, says sector body November 6, 2018 Accountancy firms should be banned from immediately selling other services to lapsing audit clients, an industry body has said. The Association of Chartered Certified Accountants (ACCA) has told regulators they should consider introducing a “cooling off” period of two years, in which auditors are banned from the lucrative practice of selling additional products to firms [...]
Adecco revenue growth halves as slowing economies impact hiring November 6, 2018 Adecco today said its revenue growth slowed to two per cent in the third quarter as economic uncertainty took its toll on hiring. The Swiss recruitment firm’s growth was down from four per cent in the three months to the end of June and slowed further to one per cent in September and October combined. [...]
Bahraini royal sued for £25m over alleged broken agreement to meet Bollywood idols November 5, 2018 A member of the Bahraini royal family is being sued in London's High Court over allegations he reneged on a deal to pay out around $33.5m (£25m) to meet a number of his favourite Bollywood stars. Egyptian businessman Ahmed Adel Abdallah Ahmed claims sheikh Hamad Isa Ali al-Khalifa owes him the multi-million pay package after [...]
Give shareholders more say over audit, watchdog urged November 5, 2018 The UK’s competition watchdog has been encouraged to drive shareholder involvement in picking and overseeing company auditors, as it looks for ways to shake up the sector. In their responses to the Competition and Markets Authority (CMA) review of the audit sector, two shareholder bodies – the UK Shareholders’ Association (UKSA) and UK Individual Shareholders’ [...]
King & Wood Mallesons’ City boss on rebuilding after the UK’s largest-ever law firm collapse November 4, 2018 When King & Wood Mallesons’ (KWM) European arm filed for administration on 17 January 2017 it was the culmination of a slow-motion car crash that had kept the UK legal market agog for months. Less than two years on the new London managing partner of what has been dubbed KWM 2.0 is not keen to [...]