SFO ends corruption probe into banknote printer De La Rue June 16, 2020 The UK’s Serious Fraud Office (SFO) has ended its 11-month investigation into banknote printer De La Rue, concluding it didn’t meet the sufficient threshold for prosecutors. Fraud investigators opened a probe into De La Rue last July over suspected corruption in South Sudan. In a statement the SFO said: “Following extensive investigation and a thorough [...]
Barclays squares up for latest legal battle as £1.5bn Staveley suit hits High Court June 8, 2020 Financier Amanda Staveley’s private equity firm today told the High Court it had received a “substantially worse” deal than Qatar when its syndicate invested billions of pounds in Barclays during the financial crisis in 2008, as it launched a civil case against the bank. PCP Capital Partners is claiming damages of up to £1.5bn for [...]
Audit watchdog closes investigation into Tesco accounting scandal June 8, 2020 The Financial Reporting Council (FRC) has announced the closure of its remaining investigation into accountants at Tesco, ending a six-year probe linked to an overstatement of profit by the supermarket chain. The FRC said this morning it was closing an investigation into Tesco’s announcement in 2014 that it had overstated profits by £263m, a figure [...]
FRC probes KPMG and PwC’s Eddie Stobart audits May 26, 2020 The accounting watchdog has opened investigations into audits by KPMG and PwC of haulage firm Eddie Stobart Logistics. In August, Eddie Stobart sacked its chief executive and suspended trading in its shares after an accounting investigation found its 2018 profits had been overstated by £2m. A review of the company’s accounts, undertaken by finance chief [...]
Unaoil bribery trial suspended amid coronavirus concerns March 17, 2020 The trial of three executives accused of paying bribes to win oil contracts was suspended today amid concerns about the coronavirus pandemic. The three Unaoil executives, Ziad Akle, Paul Bond and Stephen Whiteley, have been accused by the Serious Fraud Office (SFO) of conspiring to make corrupt payments in relation to oil contracts in Iraq. [...]
Budget 2020: Government to tax financial services firms to pay for economic crime fight March 11, 2020 The chancellor said today that the government would bring forward a levy on financial services firms to help pay for the fight against economic crime. It said businesses subject to the money laundering regulations would be subject to the tax which would aim to deliver reforms laid out in the government’s economic crime plan. Businesses [...]
Serious Fraud Office looking at Lloyds Bank and KPMG claims March 8, 2020 The Serious Fraud Office (SFO) is reportedly examining allegations that Lloyds Banking Group and KPMG drove a property group into administration by saddling it with fees. Fraud office investigators have been interviewing witnesses over claims the Angel Group was deliberately driven into liquidation, the Telegraph reported. According to the report, the SFO has not launched [...]
Legal firms call for reform of Serious Fraud Office after ex-Barclays execs acquitted February 28, 2020 Law firms have called for reform of the Serious Fraud Office (SFO) today after three former Barclays executives were cleared of financial crisis-era fraud to save the bank. Roger Jenkins, Thomas Kalaris and Richard Boath were all acquitted of charges of conspiracy to commit fraud by false representation in connection with the 2008 Qatar fundraisings. [...]
Ex-Barclays bankers cleared of £4bn Qatar financial crisis fraud after SFO probe February 28, 2020 A jury today cleared three former Barclays executives of committing financial crisis-era fraud to save the bank from a bailout. Roger Jenkins, Thomas Kalaris and Richard Boath were all acquitted of charges of conspiracy to commit fraud by false representation in connection with the 2008 Qatar fundraisings. They had all denied the charges, which the [...]
Jury retires to consider verdict in landmark fraud trial of ex-Barclays bankers February 26, 2020 The jury today retired to consider its verdict in the trial of three ex-Barclays bankers accused of fraud in relation to two emergency financial crisis fundraisings. Roger Jenkins, Thomas Kalaris and Richard Boath have been charged with conspiracy to commit fraud by false representation and fraud by false representation in connection with the 2008 fundraisings [...]