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 [...]
Accounting watchdog announces investigation into PwC over BHS audit June 27, 2016 The watchdog for the accountancy industry has today announced it will launch an investigation into PwC over BHS. The Financial Reporting Council (FRC) said it will take a closer look at the professional services firm's audit of the retailer for the year ended 30 August 2014. A PwC spokesperson said: "We will co-operate fully with the FRC in its [...]
Pour another cup of coffee and make sure it’s strong: Lawyers brace themselves for a flood of client questions post-Brexit vote June 26, 2016 Lawyers are unlikely to be short of work for the foreseeable future, as clients raise concerns about what the result of last Thursday's vote means for them. The number of people registered for a call set up by magic circle outfit Allen & Overy to address questions surrounding the referendum result shot up from 500 to 1,700 [...]
Libor Three jury reaches verdict for one ex-Barclays banker, as judge says decision on other four defendants does not need to be unanimous June 23, 2016 The jury in a trial of five ex-Barclays bankers accused of Libor-rigging offences has arrived at a verdict for one of the men today. Judge Anthony Leonard also instructed the jury this afternoon that they could reach a majority verdict on the other four defendants. It has been reported that the jury was sent home [...]
Demand for Accenture’s consulting services has pushed up the firm’s revenue, sending the share price higher in the pre-market June 23, 2016 An up-swing in Accenture's consulting business has helped the company beat analyst expectations in its third quarter. The Dublin-based company reported a better-than-expected 8.6 per cent rise in quarterly revenue to $8.43bn (£6.44bn) from $7.77bn in the same period last year. Net income rose to $897.2m, or $1.41 per share, for the three months to the end of May, [...]