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 [...]
Six traders from Deutsche Bank and Barclays plead not guilty to Euribor rigging February 7, 2017 Six traders pleaded not guilty to Euribor-rigging offences in a London court today, as part of the first case focusing on the Brussels-based benchmark brought by the UK's Serious Fraud Office (SFO). The traders in question are Christian Bittar, 45, a former employee of Deutsche Bank, Achim Kraemer, 52, who still works for Deutsche Bank, and four ex-Barclays [...]
Tom Hayes has launched the next stage of his Libor appeal to the CCRC January 30, 2017 Tom Hayes, the first person in the UK to be found guilty of playing a role in the Libor-rigging scandal, has submitted an appeal to the Criminal Cases Review (CCRC). Karen Todner, the former UBS and Citigroup trader's solicitor, said Hayes has been the subject of a "gross miscarriage of justice" and she's confident the CCRC will [...]
Tom Hayes expected to launch next stage of Libor appeal this week, as convicted Barclays pair due in front of Court of Appeal January 29, 2017 Tom Hayes, the first person in the UK to be found guilty of playing a role in the Libor-rigging scandal, is due to kick off the next stage of his appeal against his conviction in the coming days. City A.M. understands the former UBS and Citigroup trader will likely file his appeal to the Criminal Cases [...]
Amanda Staveley’s legal row with Barclays to reach crunch point this week January 29, 2017 It's a critical week for Amanda Staveley's legal battle with Barclays, with a judge due to decide whether the City financier can have access to documents key to her case. PCP Capital Partners, the investment vehicle Staveley founded, is suing the banking giant for almost £1bn over the way it handled a 2008 emergency fundraising. PCP [...]
Fraud squad successfully puts funds linked to Chad oil corruption claims on ice January 23, 2017 The fraud squad has today secured a property freezing order worth over £4m. The Court of Appeal decided to enforce the property freezing order against Ikram Mahamat Saleh, covering £4.4m plus interest, which represents the sale proceeds of 800,000 shares in Canadian oil and gas company Caracal Energy, formerly known as Griffiths Energy International. The Serious Fraud Office [...]
Nick Leeson’s lawyer called in by Rolls-Royce ex-boss as fraud squad widens its net January 22, 2017 The ex-boss of Rolls-Royce has called in the lawyer who defended rogue trader Nick Leeson as the fraud squad’s probe into his former company hones in on individuals. Sir John Rose, who was chief executive of the engine maker from 1996 to 2011, has appointed Stephen Pollard, a white collar crime expert at London law [...]
Fraud squad’s year-and-a-half long investigation set Soma Oil & Gas back £4.5m January 17, 2017 The fraud squad's year-and-a-half long investigation into Soma Oil & Gas cost the company £4.5m, City A.M. has learned. The Serious Fraud Office (SFO) opened an investigation into Soma in July 2015 following allegations of bribery and corruption before closing it in December last year. The UK company, which is chaired by former Tory leader Lord [...]
Rolls-Royce to pay £671m to settle corruption probes with three global fraud squads January 16, 2017 Rolls-Royce is in the final stages of locking down corruption and bribery probe settlements worth £671m in total with three authorities around the world, with the lion's share going to the UK's fraud squad. The British engineering company today announced today it has reached in principle a deferred prosecution agreement (DPA) with the Serious Fraud Office (SFO), [...]