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 [...]
Serious Fraud Office slaps Barclays with new charge over Qatar capital raising scandal February 12, 2018 The UK's fraud watchdog has today hefted a new charge onto BarclaysBank, in relation to an emergency fundraising it conducted in the summer of 2008. The Serious Fraud Office (SFO) today charged Barclays with giving "unlawful financial assistance", after it raised £4.5bn in June 2008 and £7.3bn that October from investors including Qatar Holding and [...]
Serious Fraud Office slaps Barclays with new charge over Qatar capital raising scandal February 12, 2018 The UK’s fraud watchdog has today hefted a new charge onto Barclays Bank, in relation to an emergency fundraising it conducted in the summer of 2008. The Serious Fraud Office (SFO) today charged Barclays with giving “unlawful financial assistance”, after it raised £4.5bn in June 2008 and £7.3bn that October from investors including Qatar Holding [...]
SFO lives to fight another day as Amber Rudd announces new economic crime centre to combat City fraud December 11, 2017 The Serious Fraud Office (SFO) has dodged Tory plans to close it down, but will be subject to direct orders from the National Crime Agency (NCA). The announcement comes as home secretary Amber Rudd said that financial crime “can ruin people’s lives” and announced a framework to crack down on money laundering. She commented: “Today [...]
Rio Tinto caves in to shareholder pressure and scraps appointment of Tory chief Sir Mick Davis November 26, 2017 Mining giant Rio Tinto has scrapped plans to appoint the chief exec of the Conservative party as its new chairman, according to reports. Frontrunner Sir Mick Davis is “no longer in the running” to replace Jan du Plessis after a shareholder revolt. City sources told Sky News over the weekend several institutional investors had drawn [...]
Unaoil bribery probe: Serious Fraud Office (SFO) charges Ziad Akle and Basil Al Jarah in Unaoil investigation November 16, 2017 The UK’s Serious Fraud Office (SFO) today charged two people amid an ongoing investigation into Monaco-based oil firm Unaoil. Ziad Akle and Basil Al Jarah were both charged by requisition with conspiracy to make corrupt payments to secure contracts in Iraq to Unaoil’s client SBM Offshore between June 2005 and August 2011. Akle was Unaoil’s [...]
Financial Conduct Authority (FCA) slaps Merrill Lynch with £34.5m fine for derivative trading failings October 23, 2017 The City’s top watchdog has slapped banking giant Merrill Lynch with a £34.5m fine for not reporting tens of millions of derivative trades over a two year period. The groundbreaking enforcement action by the Financial Conduct Authority (FCA) follows Merrill Lynch’s failure to report details of 68.5m derivative transactions under the European Markets Infrastructure Regulation [...]
Tesco directors were responsible for ‘bullying’ employees into false accounting collusion September 29, 2017 Three former Tesco directors have been called "bullies" in court as their trial for fraud and false accounting draws to a close. Former Tesco UK managing director Christopher Bush, former commercial director for food John Scouler, and former finance director Carl Rogberg were today described as the "generals" who gave orders to the "footsoldiers" by [...]
Former Tesco executives “misled” the stock market, court told in fraud trial September 29, 2017 The stock market was “misled” by the actions of three former Tesco executives on trial for fraud, prosecutors told a court earlier today. Christopher Bush, Carl Rogberg, and John Scouler, who all held senior positions at the retailer, are on trial for charges of fraud and false accounting. In opening arguments today, lead prosecutor Sasha [...]