‘Pack of cards would have started to tumble’ if Barclays failed to secure Qatar cash, court hears January 28, 2020 Barclays would have been left in a dire position if it had failed to get Qatar to commit to two multi-billion pound financial crisis fundraisings, the Old Bailey heard today. A barrister for the Serious Fraud Office (SFO) today began the closing argument for the prosecution in the landmark trial of three senior former Barclays [...]
Financial services lifeboat says only a handful of London Capital & Finance investors eligible for compensation January 9, 2020 The Financial Services Compensation Scheme (FSCS) today announced the “disappointing” news that only a small number of investors in collapsed mini-bond company London Capital & Finance (LCF) are eligible for compensation. It said it would protect the 159 bondholders who switched from stocks and shares ISAs to LCF bonds. The FSCS said it is unable [...]
Petrofac shares drop as order book shrinks December 17, 2019 Petrofac shares fell over six and a half per cent today after the oilfield services company’s order book continued to shrink. New orders to date for the firm total $3bn (£2.3bn), down from nearly $5bn at the same time last year. Read more: Petrofac warns revenues will shrink after SFO prove hinders new work The [...]
Former Serco directors charged with defrauding Ministry of Justice over tagging contract December 16, 2019 The Serious Fraud Office (SFO) has charged two former Serco executives with fraud and false accounting as part of an investigation into the outsourcing giant’s electronic tagging contract. Nicholas Woods and Simon Marshall have both been charged with fraud by false representation and false accounting in relation to representations made to the Ministry of Justice [...]
Glencore threatened with class against lawsuit that could run into the billions December 5, 2019 Mining and commodities giant Glencore could be hit by a class action lawsuit running into the billions, a law firm said today. Glencore confirmed today that the Serious Fraud Office (SFO) had launched a bribery investigation into its activities. Read more: Glencore shares tumble on Serious Fraud Office bribery investigation US law firm Boies Schiller [...]
Glencore shares tumble on Serious Fraud Office bribery investigation December 5, 2019 Shares in mining giant Glencore fell more than five per cent today after the company said it was being investigated by the Serious Fraud Office (SFO). In a statement to the stock market, the company said: “Glencore has been notified today that the Serious Fraud Office has opened an investigation into suspicions of bribery in [...]
De La Rue shares plunge as it scraps dividend and warns of ‘significant doubt’ over future November 26, 2019 De La Rue has bailed on plans for a dividend this year and warned there is “significant doubt” on its ability to continue to operate, sending shares plummeting. “We have concluded there is a material uncertainty that casts significant doubt on the Group’s ability to continue as a going concern,” it said today as it [...]
Petrofac continue expansion with $120m contract wins November 20, 2019 Petrofac, a leading provider of oilfield services, today announced that it had won $120m (£92.9m) in new contracts as it continues its expansion into new geographies. The FTSE 250 company said that it had agreed to purchase US firm W&W Energy Services, a provider of production and infrastructures services to producers in Texas’ Permian basin. [...]
Goals Soccer Centres bought by Soccerworld and private equity firm Inflexion after accounting fiasco October 31, 2019 Five-a-side football operator Goals Soccer Centres has been acquired today by rival Soccerworld and private equity firm Inflexion. Goals has been hit by an accounting scandal after its auditor BDO discovered it had mis-declared VAT amounting to at least £13.2m. The company delisted its shares from Aim in August after it declared it was unable [...]
De La Rue share price plunges as it issues profit warning October 30, 2019 De La Rue’s share price crumbled today after it warned investors that full-year profits would fall “significantly lower” than current market expectations. Britain’s former passport maker also warned that adjusted operating profit for its half-year to the end of September would only be in the low-to-mid single digits. Read more: De La Rue appoints turnaround [...]