UK strikes compensation deal with Nigeria following years-long global fraud probe February 22, 2022 Over £200,000 in compensation obtained by the Serious Fraud Office (SFO) investigation into a company called Amec Foster Wheeler Energy will be transferred to Nigeria after a UK-Nigeria Memorandum of Understanding was signed today, the SFO said this afternoon. “In total, £210,610 will be transferred by the UK Government, with the funds supporting three key [...]
Serious Fraud Office property raids fall to zero February 21, 2022 The Serious Fraud Office did not undertake a single property raid last year, according to its response to an FOI request.
UK is losing fight against fraud as anti-corruption watchdogs are “under-resourced” January 24, 2022 An anti-corruption think-tank has warned the UK is losing the fight against financial crime, as a lack of funding has left the country’s law enforcement agencies “over-stretched” and “under-resourced.” In a report, the think-tank called on the government to reinvest money recuperated from criminals into the government agencies fighting corruption and financial crime, as it [...]
Exclusive: Libor trader Tom Hayes has appeal request quashed December 7, 2021 Disgraced trader Tom Hayes who was jailed for rigging the inter bank lending rate has had an appeal request rejected.
SFO outgunned by UK firms that spend millions more on lawyers to ‘buy impunity’ November 15, 2021 Companies under investigation by the Serious Fraud Office have spent up to ten times more than the fraudbusters on legal and investigation fees, causing major corruption cases to crash and burn, the Bureau of Investigative Journalism has found. The UK’s only complex fraud agency’s fight against economic crime is undermined by its lack of funding, [...]
KPMG faces £15m fine over Quindell audit November 10, 2021 Accounting giant KPMG could be confronted with a £15m legal claim from insurance outsourcer Quindell, according to reports. Quindell, now known as Watchstone, is preparing to file claims against the Big Four firm, alleging that it suffered losses of up to £15m from KPMG’s audit in 2013, according to Financial News, which first reported the [...]
SFO arrests flight-risk suspect of car-leasing investigation October 20, 2021 The Serious Fraud Office (SFO) has arrested a suspect that was being investigated as part of an ongoing enquiry into the Raedex Consortium, which includes companies such as Buy2Let Cars and Paygo Cars. Considered a flight-risk, the suspect was apprehended with the help of the Surrey Police and is being questioned by SFO officers. Today’s [...]
Petrofac fined £77m for string of Middle Eastern bribery charges October 4, 2021 Petrofac has been fined £77m for seven separate charges of failing to prevent bribery in the Middle East, to which the London-listed oil services provider plead guilty last month. The penalty, for failing to prevent former Petrofac employees from offering or making payments to agents in relation to projects awarded between 2012 and 2015, is [...]
City corruption: Company of Tory donor Ayman Asfari paid tens of millions in bribes across Middle East October 3, 2021 A company whose biggest shareholder is a major Tory donor did not stop its employees from paying out more than £32m in bribes in order to secure a range of contracts across the Middle East. Petrofac, one of the world’s largest service providers to oil and gas producers, won business worth £2.7bn in Iraq, Saudi [...]
SFO launches money laundering probe into £150m leasehold investment schemes September 29, 2021 Following a dawn raid this morning, the UK’s Serious Fraud Office (SFO) has launched a fraud and money laundering investigation into two companies that are suspected of having misled investors into funnelling around £150m into fraudulent leasehold schemes across the country. A group of Alpha-branded companies is being investigated for fraudulently misleading investors into purchasing [...]