Mike Ashley calls Goals Soccer Centres’ move to call in SFO ‘too little, too late’ October 29, 2019 Mike Ashley today blasted a reported move by embattled Goals Soccer Centres to enlist the Serious Fraud Office (SFO) to investigate suspected fraud. The Sports Direct owner called the alleged action “far too little, too late”. Read more: Goals Soccer Centres calls in fraud watchdog The billionaire added that it “is a deliberate case of [...]
Serious Fraud Office shut down Libor rigging investigation October 19, 2019 The Serious Fraud Office (SFO) has shut down an investigation into the rigging of Libor. Libor is the benchmark interest rate that tracks the cost of borrowing cash. The decision comes despite evidence implicating the Bank of England, the BBC reports. Read more: Regulators say firms must not wait to move away from Libor The [...]
Ex-Barclays bankers accused of creating ‘smoke-screen’ to hide secret fees paid to Qatar October 9, 2019 Three senior ex-Barclays bankers on trial for fraud were accused today of creating a “smoke-screen” to try and justify millions of pounds surreptitiously paid to Qatar in exchange for a multi-billion pound investment in 2008. Roger Jenkins, Richard Boath and Thomas Kalaris are standing trial at the Old Bailey, accused of conspiracy to commit fraud [...]
Trio of ex-Barclays bankers accused of lying in Old Bailey fraud trial October 8, 2019 Three senior former Barclays executives were today accused of lying about disguised payments to Qatar to facilitate a massive investment in the bank at the height of the financial crisis. The three senior former executives – Roger Jenkins, Thomas Kalaris and Richard Boath – are standing trial at the Old Bailey on fraud charges. The [...]
Petrofac warns revenues will shrink after SFO probe hinders new work August 28, 2019 Oilfield services giant Petrofac shares fell 1.97 per cent this morning as it warned revenues would dry up next year after an investigation by the Serious Fraud Office caused it to lose out on contracts. In a glum first half financial report, the FTSE 250 company said the decline reflects a “low order intake in [...]
Trio of ex-Barclays execs facing October trial over Qatar financial crisis fundraisings August 8, 2019 Three senior former Barclays executives are set to face a criminal trial in October on charges relating to their involvement in Qatar’s participation in an emergency fundraising at the height of the financial crisis. Barclays’ former investment head for the Middle East and north Africa Roger Jenkins, former wealth management boss Tom Kalaris and former [...]
Watchdog tells firms to go ‘above and beyond’ law to co-operate in investigations August 6, 2019 The fraud watchdog has told firms they will need to go “above and beyond what the law requires” if they want to co-operate with its investigations. Guidance of corporate co-operation released by the Serious Fraud Office (SFO) states that firms need to be willing to identify any individuals suspected of wrongdoing “regardless of their seniority [...]
City Moves for 6 August – Who’s switching jobs at Accor, Citi and KPMG? August 6, 2019 Today’s City Moves includes Accor, Citi and KPMG. Accor Accor has announced that Karelle Lamouche has been appointed chief commercial officer for Europe. In this newly created role, Karelle will lead Accor’s European commercial team with responsibility for driving the business revenue strategy for the company and its partners across all European markets. Karelle has [...]
Serious Fraud Office prosecutes just four money laundering cases since 2014 August 1, 2019 The Serious Fraud Office (SFO) has received 153 reports concerning an allegation of money laundering since 2014, but prosecuted just four cases. The SFO figures, which were a response to a freedom of information request by law firm Greenberg Traurig, show the SFO received 41 reports containing money laundering allegations in 2018 but did not [...]
SFO cuts spending on lawyers as conviction rate falls July 28, 2019 The serious fraud office’s (SFO) spending on staff and external counsel fell last year, while its conviction rate crumbled to just over 53 per cent. The figures, released in the SFO’s annual report, show spending on staff fell 2.4 per cent to £30.6m last year, with spending on external counsel dropping 5.7 per cent to [...]