London businesses suffer the highest level of employee frauds in the UK September 18, 2017 British businesses lost at least £40m last year from frauds perpetrated by their own employees, with London accounting for the largest chunk by far, new data published today has revealed. Losses from employee fraud were highest in the Greater London area covered by the Metropolitan Police, at £7m in 2016/17, according to government figures obtained [...]
Former Tesco (TSCO) executives set to appear in UK court on fraud charges September 3, 2017 Three former Tesco executives will appear in court tomorrow, charged with fraud relating to the supermarket’s 2014 accounting scandal. The three men were charged by the Serious Fraud Office (SFO) last September, and pleaded not guilty to the charges at a hearing at the beginning of August. Read more: Co-op’s the latest supermarket to drop [...]
G4S wins another government tagging contract for the Ministry of Justice (MoJ) despite £109m fraud scandal and ongoing probe July 9, 2017 G4S, the security services company which appears unable to do any wrong, has won a new tagging contract despite a fraud scandal which saw it repay almost £109m to the government. Read more: G4S agrees to tagging payout as profits slide The Ministry of Justice confirmed that G4S has again been selected to supply tagging [...]
Property mogul Vincent Tchenguiz wants to sell his portfolio of Hilton hotels for £600m, Savills and JLL have been appointed as advisers July 5, 2017 Vincent Tchenguiz is looking to sell a portfolio of 10 Hilton-branded hotels for £600m. “We’ve had these hotels for nearly 15 years and I think now is a good opportunity to sell them,” the property mogul told City A.M. Tchenguiz confirmed he is looking to sell the 603-bedroom Kensington Hilton individually for £300m. However, he [...]
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 [...]