Lawyers slam SFO disclosure failings for ‘miscarriage of justice’ in Tom Hayes Libor conviction April 27, 2018 The legal team for convicted Libor trader Tom Hayes has slammed the Serious Fraud Office (SFO) for a series of disclosure failings they say led to a miscarriage of justice and his wrongful conviction. Hayes’s lawyer Karen Todner has written to parliament’s Justice Committee urging it to probe the SFO as part of an inquiry [...]
Property tycoon Robert Tchenguiz suffers blow in the Supreme Court over discretionary trust April 23, 2018 Property tycoon Robert Tchenguiz has lost a landmark Supreme Court judgment against a conglomerate of advisers he claimed acted negligently when his discretionary trust fell into financial difficulty. The London businessman, thought to be worth around £800m, accused various trustees of the Tchenguiz Discretionary Trust (TDT) of failing to alter the trust’s structure around the [...]
“People can judge me on whatever basis they like” – departing SFO director David Green says final farewell April 13, 2018 The view of Trafalgar Square surrounding David Green’s office is one he will miss. The departing director of the Serious Fraud Office (SFO) has enjoyed the architecture for the six years that he has been in, and reshaped, the role that has attracted – perhaps surprisingly – a fair amount of political drama. Green has [...]
Five traders from Barclays and Deutsche Bank to appear in first Euribor-rigging trial tomorrow April 8, 2018 The first trial into manipulations of the Euro Interbank Offered Rate (Euribor) will kick off tomorrow as five former traders stand accused of manipulating the Brussels-based benchmark at the height of the financial crisis. Four former Barclays traders – Philippe Moryoussef, Carlo Palombo, Colin Bermingham and Sisse Bohart – and ex- Deutsche Bank trader Achim [...]
Former Deutsche Bank trader charged with Euribor rigging in SFO probe pleads guilty March 16, 2018 A former star trader who was once considered one of Deutsche Bank’s most successful bankers has pleaded guilty in a Serious Fraud Office (SFO) probe into Euribor manipulation. Christian Bittar, who was among six traders charged in the first SFO case that focused on the Brussels-based benchmark, pleaded guilty to the offence on 2 March. News [...]
Serious Fraud Office (SFO) angling for increase in annual budget to take on “blockbuster cases” March 13, 2018 The Serious Fraud Office (SFO) is having “ongoing conversations” about the way it is funded after questions have been raised regarding its current arrangements. The BBC reported that the prosecutor was in talks with the Treasury to increase its annual budget, which currently sits at £31m. The body often asks the Treasury for an extra [...]
Ex-Barclays trader Alex Pabon loses appeal against conviction for Libor rigging March 13, 2018 Former Barclays trader Alex Pabon has lost an appeal against his Libor rigging sentence after a court found that doubts surrounding the credibility of an expert witness did not merit his conviction being overturned. Pabon was among three traders to be convicted by the Serious Fraud Office (SFO) in 2016 for their roles in [...]
Big fish: The seven largest types of institutional investors March 7, 2018 Say whatever you want about the world, but there’s never been a better time to be an end investor. Many things investment professionals fear — fee compression, automation, artificial intelligence (AI), and blockchain — benefit clients through higher account balances and lower fees. Asset owners are the largest of those clients. Though they are frequently [...]
Done deal: Tesco completes £3.7bn acquisition of Booker Group March 5, 2018 Tesco today completed its acquisition of Booker Group, creating the leading food group in the UK. The £3.7bn deal was given court approval on Friday after shareholders voted it through last week. Booker Group's shares have been de-listed from the London Stock Exchange. Each share has been exchanged for 42.5p in cash, and 0.861 new [...]
Done deal: Tesco completes £3.7bn acquisition of Booker Group | City A.M. March 5, 2018 Tesco today completed its acquisition of Booker Group, creating the leading food group in the UK. The £3.7bn deal was given court approval on Friday after shareholders voted it through last week. Booker Group’s shares have been de-listed from the London Stock Exchange. Each share has been exchanged for 42.5p in cash, and 0.861 new [...]