The Serious Fraud Office’s Barclays probe: Everything you need to know June 21, 2017 What happened in 2008? In the summer of 2008, at the height of the global financial crisis, Barclays needed emergency funding. The bank raised £4.5bn in June that year and £7.3bn in October from investors including Qatar Holding and Challenger Universal. Why was this investigated? Over the last five years, the Serious Fraud Office (SFO) [...]
Barclays (BARC) and ex-staff including former chief executive charged by Serious Fraud Office (SFO) with fraud over Qatar fundraising but share price remains flat June 20, 2017 The Serious Fraud Office has announced today it has charged four former Barclays bankers, including ex-chief executive John Varley, over a 2008 fundraising from Qatar. It said this morning that it had charged the bank and four individuals with “conspiracy to commit fraud and the provision of unlawful financial assistance contrary to the Companies Act [...]
French authorities join the UK’s Serious Fraud Office in Airbus fraud and corruption investigation March 17, 2017 French authorities have opened their own investigation into allegations of fraud, bribery and corruption at Airbus, joining Britain's Serious Fraud Office (SFO) which launched an inquiry in August. The Parquet National Financier and the SFO will "act in coordination" going forward as they look into the allegations in the civil aviation business of Airbus Group [...]
Solicitor general gives no guarantees fraud squad won’t be culled, as the government mulls the future of economic crime oversight in the UK March 16, 2017 The solicitor general today came out in support for the Serious Fraud Office (SFO) but refused to go as far as guarantee it won't be rolled into another of the UK's crime agencies in the future. The government is currently auditing the UK's approach to economic crime, leading some to believe the future of the SFO [...]
Ex-Lloyds Libor traders hauled in by fraud squad as part of its ongoing probe into manipulation of the benchmark rate March 1, 2017 A number of former Lloyds Banking Group traders have been quizzed by the fraud squad as part of its ongoing investigation into Libor manipulation. The Serious Fraud Office (SFO) has been probing the rigging of the benchmark rate since 2012. Now, Bloomberg has reported the prosecutor has called in a number of ex-Lloyds traders in [...]
Fraud squad lawyer tells court two ex-Barclays traders accused of Libor rigging treated honesty as if it were expendable February 28, 2017 A lawyer acting for the fraud squad told a court today that two ex-Barclays traders accused of Libor rigging treated honesty as if it were expendable. The Serious Fraud Office (SFO), which is prosecuting the case, has claimed Stylianos Contogoulas, 45, and Ryan Reich, 35, played roles in a conspiracy to fix the benchmark rate between 1 June [...]
City Moves for 16 February 2017 – who’s switching jobs? February 16, 2017 Today's City Moves cover a tax advisory firm, property and legal eagles. Take a look at these movers and shakers: Lancaster Knox LLP Heather Williams has joined Lancaster Knox LLP, the tax advisory and investigations specialists of the Knox Group, as director of tax investigations. Heather brings extensive experience in managing, resolving and litigating disputes [...]
Property tycoon Vincent Tchenguiz is about to get a new superyacht – but not in time for Mipim February 10, 2017 As annual property knees-up Mipim approaches, many of the industry's big dogs are polishing up their gin palaces – but word reaches us Vincent Tchenguiz will just miss out on showing off his brand new, €22m superyacht at the event in March. Property tycoon and Annabel's regular Tchenguiz, best known for his triumphant crusade against the Serious [...]
It’s not working out: MPs call for rethink of fraud squad’s blockbuster funding February 7, 2017 Funding for the fraud squad needs to be overhauled, as the agency now leans too heavily on financing intended solely for its mega cases, MPs have argued today. Stephen Timms, the Labour MP who brought this morning's Westminster Hall debate on the funding of the Serious Fraud Office (SFO), remarked the agency had recently shifted "away [...]