Fraud squad charges logistics company plus seven individuals on alleged bribery related to Angolan oil July 13, 2016 Seven individuals plus one company have today been charged by the Serious Fraud Office (SFO) on grounds of alleged bribery involving Angolan oil. Logistics company F.H. Bertling, the UK subsidiary of the German-headquartered Bertling Group, is accused of conspiring to bribe an agent of the Angolan state oil company, Sonangol, in an attempt to benefit its own business interests. The [...]
Apprenticeships just don’t look right to Londoners July 13, 2016 The mums and dads of London are the least likely to want their offspring picking up an apprenticeship, a survey released today has found. The research by YouGov on behalf of Reed in Partnership and qualifications body NCFE asked 2,042 UK adults if they had an 18-year-old child what they thought the best option for their future [...]
First May, now this lot: HR professional body wants executive pay to be linked to culture July 13, 2016 Shortly after incoming Prime Minister Theresa May expressed her views on curbing reward at the top, the body for HR professionals is today calling for executive pay to be linked to culture. In a new report on company culture, the Chartered Institute of Personnel and Development (CIPD) has called for remuneration committees to be better empowered and [...]
Welcome back: Aberdeen Asset Management lifts suspension on property fund July 13, 2016 Aberdeen Asset Management has today lifted the suspension on its property fund, one week after several asset managers put the brakes on their funds. Last week, Aberdeen announced that it would be suspending trades on its Aberdeen UK Property Fund and the Aberdeen UK Property Feeder Unit Trust to protect the value of the fund for [...]
What Theresa May as Prime Minister means for the future of the fraud squad July 13, 2016 Monday saw the pound spike and the FTSE 100 creep back into bull territory following Andrea Leadsom’s exit from the Conservative party leadership race. It was clear that bookies’ favourite Theresa May’s campaign to frame herself as the candidate for stability in the post-referendum chaos had resonated deeply with markets. Yet while those in the [...]
City watchdog fines Towergate and former director more than £2m between them July 13, 2016 The City watchdog has today fined Towergate Underwriting Group and one of its former directors more than £2m between them. The Financial Conduct Authority (FCA) levied a fine of £2,632,000 on Towergate for failing to properly protect client and insurer money, after the underwriter racked up a £12.6m shortfall in its client and insurer money bank accounts. The watchdog [...]
Why lawyers are in a tizzy over Article 50 July 12, 2016 Legal eagles have been making front page news after both solicitors and barristers have launched challenges to the way the government might take the UK out of the EU. Mishcon de Reya last week revealed that it was waiting in the wings to start a legal battle should the government trigger Article 50 without an appropriate Act of [...]
Citibank moves to scrap certain Venezuelan accounts July 12, 2016 Citibank is shutting down certain accounts in Venezuela, much to the chagrin of the country's president. In a speech yesterday, President Nicolas Maduro slammed the move, which would see his government's foreign currency accounts closed within a month. "With no warning, Citibank says that in 30 days it will close the Central Bank and the Bank of Venezuela's accounts," Maduro [...]
Defined benefit pension hole deepens to over £380bn following Brexit vote, according to pensions lifeboat figures July 12, 2016 The hole in the UK's pension pots became much harder to fill last month, according to figures released today by the pensions lifeboat. The numbers from the Pension Protection Fund revealed that, based on its calculations, the aggregate deficit across 5,945 defined benefit (DB) pension schemes had jumped from £294.6bn at the end of May to £383.6bn at [...]
Libor retrial of ex-Barclays traders set for next February July 12, 2016 Two ex-Barclays bankers were today handed a metaphorical save the date card to head back to court, where they'll face accusations of Libor-rigging. Stylianos Contogoulas, 44, and Ryan Reich, 34, who have been charged with conspiracy to defraud, will be tried at Southwark Crown Court on 13 February 2017. The prosecution alleges that the pair played [...]
