Germany’s financial watchdog extends support for whistleblowers July 3, 2016 Germany's financial watchdog has given a boost to whistleblowers this weekend by launching a system for those who want to report the wrongdoings of their companies. The Federal Financial Supervisory Authority's (Bafin) new system is aimed at employees or others who are closely linked to an organisation who wish to disclose violations of supervisory rules. Bafin's new unit will [...]
EU referendum: Law firm readies itself for Article 50 challenge July 3, 2016 A London law firm revealed today that it was gearing itself up to challenge government should it try to trigger Article 50 in an unconstitutional manner. Mishcon de Reya said that, on behalf of an anonymous group of clients, it had started to pull together a team to potentially head to court, if government were to [...]
Harvey Nash reveals resilience in face of Brexit vote June 30, 2016 Global recruiter Harvey Nash today revealed what it described as a "resilient" performance, adding that it was in a good position to weather Brexit uncertainty. The figures In a brief statement on its financial position released ahead of its AGM today, Harvey Nash announced that its gross profit for the four months ended May had increased [...]
Luxleaks whistleblowers handed suspended sentence June 29, 2016 Two ex-PwC employees have been found guilty on charges relating to their involvement in a leak of their firm's data, and handed suspended sentences. Antoine Deltour was given a suspended sentence of 12 months and a fine of €1,500 (£1,241), while Raphael Halet was handed a nine-month suspended sentence and a fine of €1,000 for their role in the so-called Luxleaks data leak. [...]
HM Revenue & Customs (HMRC) arrests three as part of investigation into suspected £300m corporation tax scam June 29, 2016 Three men have been arrested as part of an investigation into a suspected corporation tax scam, HM Revenue & Customs (HMRC) announced today. More than 30 HMRC officers carried out morning raids on one business and three residential addresses in the West Midlands yesterday, and computers and business records were seized as part of the [...]
Jury has now reached a verdict for three men charged with Libor-rigging offences June 28, 2016 The jury on the most recent Libor case to go to court in the UK has arrived at a verdict for three of the men charged, but is still deliberating on the other two defendants. Former Barclays traders Stylianos Contogoulas, Jay Merchant, Alex Pabon and Ryan Reich and former Libor submitter Jonathan Mathew are all [...]
Volkswagen agrees to shell out $14.7bn to settle emissions-cheating scandal June 28, 2016 Volkswagen has today agreed to pay out around $14.7bn (£11bn) to settle claims relating to the emissions-cheating scandal. Last year, the car manufacturer admitted to fitting vehicles with devices designed to cheat emissions tests, prompting investigations and legal actions in a number of different countries. Slightly over $10bn of Volkswagen's settlement relates to compensating vehicle owners, while [...]
Don’t rock the legal sector post-Brexit vote, pleads Law Society chief executive June 28, 2016 The Law Society's chief executive has today urged policymakers not to pick away at regulation surrounding the legal sector so close to the EU referendum result. Speaking ahead of a justice committee hearing on legal services regulation, Catherine Dixon warned that key legal changes that could be sparked by Brexit would take years to put [...]
Legal & General share price leaps as it appoints new chairman and tells investors: “We’re fine with Brexit” June 28, 2016 Pensions giant Legal & General moved this morning to reassure its shareholders that Brexit is going to be a breeze – as it appointed former government asset management boss Sir John Kingman as its new chairman. In a statement this morning L&G, whose shares fell 13 per cent between the market close on Thursday and [...]
Accounting watchdog announces investigation into KPMG over HBOS June 27, 2016 The accountancy watchdog has launched an investigation into KPMG over its audit of HBOS. Specifically, the Financial Reporting Council (FRC) is looking into the conduct of KPMG Audit relating to its audit of HBOS for the year ended 31 December 2007. In 2008, HBOS collapsed and needed to be bailed out by Lloyds, shortly after the [...]