Branson named by OFT in cartel trial April 27, 2010 VIRGIN Atlantic owner Sir Richard Branson has been named during opening statements made to a London court yesterday over his airline’s involvement with British Airways (BA) in price-fixing allegations made by the Office of Fair Trading (OFT). Prosecutor Richard Latham QC told a jury at the Southwark Crown Court that Branson had asked senior executive [...]
OFT: BA made millions from price fixing April 26, 2010 BRITISH Airways (BA) made back hundreds of millions of pounds a year following a price-fixing scheme on its fuel surcharge, the Office of Fair Trading (OFT) said yesterday in court. Richard Latham, the OFT’s prosecutor, told a jury at Southwark Crown Court the airline colluded with rivals Virgin Atlantic to increase passenger fuel surcharges at [...]
Calvert could face monster costs bill for illegal trading April 25, 2010 MALCOLM CALVERT should surrender more than £950,000 in a confiscation and costs order, the Financial Services Authority has suggested. The former Cazenove partner, who is currently serving a 21-month jail sentence after he was found guilty of five counts of insider trading, could pay £956,863 back to the government. The Financial Services Authority (FSA), which [...]
City watchdog is losing its battle against insider trading April 22, 2010 THE Financial Services Authority (FSA) is losing its fight against insider trading, according to a City survey. The report by the Chartered Institute for Securities & Investment will come as a blow to the FSA, which has stepped up its enforcement activity with a spate of arrests and big-money fines. Around 60 per cent of [...]
Calvert in battle over payback April 21, 2010 JAILED Cazenove partner Malcolm Calvert will learn his financial fate this week as lawyers prepare to battle in court over how much the convicted banker will pay back to the government for his illegal activity. The Southwark Crown Court will decide what proportion of the £103,883 in profits the Financial Services Authority (FSA) said Calvert [...]
Director jailed for bribery April 14, 2010 A FORMER senior executive of a unit of US healthcare group Johnson & Johnson was yesterday jailed for a year after helping to pay more than £4.5m in bribes to Greek doctors for their business. Robert John Dougall – when he was vice president of Leeds-based DePuy and marketing director of DePuy International, both Johnson [...]
Seven suspects appear in court over FSA charges April 14, 2010 SEVEN men charged with running an insider trading ring with information gleaned from the London printers of Swiss bank UBS and broker Cazenove appeared in court yesterday. Mitesh Shah, Neten Shah, Paresh Shah, Bijal Shah, Truptesh Patel, Ali Mustafa and Pardip Saini are alleged to have used confidential information to trade in 12 UK-listed firms [...]
BA execs to stand trial on cartel charge April 11, 2010 THREE former executives and one current executive at British Airways (BA) are to face criminal court proceedings today after cartel charges were handed to them over fuel price fixing. Former executives Alan Burnett, Iain Burns and Martin George will stand trial, alongside current BA executive Andrew Crawley, at Southwark Crown Court, where they are expected [...]
Couple to face insider trading charges in court April 6, 2010 A COUPLE accused of a complex insider trading operation spanning almost a decade were released on bail today. Former Dresdner Kleinwort adviser Christian Littlewood, 36, who worked for Shore Capital at the time of the alleged illegal deals, stands accused of 13 counts of insider trading, along side his Singaporean wife Angie, 39. The couple, [...]
BANK OF ENGLAND BOFFIN KNOCKS THE SPOTS OFF THE COMPETITION March 31, 2010 WHEN it comes to pepping up weighty speeches with witty references to popular culture, the boffins from the Bank of England aren’t exactly known for being trailblazers. But Andrew Haldane, the Bank’s executive director for financial stability, tore his peers’ stuffy image to shreds in a speech in Hong Kong this week by managing to [...]