Petrofac auditors find “no evidence” to support bribery allegations August 1, 2016 Petrofac said today that an independent investigation had found no evidence it was involved in a global scandal over bribery and corruption on the oil industry. The FTSE 250-listed firm called in lawyers and accountants after leaked documents suggested Monaco-based Unaoil paid bribes on behalf of oil companies including Petrofac to win contracts. "The independent investigation has thoroughly investigated [...]
Fraud squad charges logistics company plus seven individuals on alleged bribery related to Angolan oil July 13, 2016 Seven individuals plus one company have today been charged by the Serious Fraud Office (SFO) on grounds of alleged bribery involving Angolan oil. Logistics company F.H. Bertling, the UK subsidiary of the German-headquartered Bertling Group, is accused of conspiring to bribe an agent of the Angolan state oil company, Sonangol, in an attempt to benefit its own business interests. The [...]
What Theresa May as Prime Minister means for the future of the fraud squad July 13, 2016 Monday saw the pound spike and the FTSE 100 creep back into bull territory following Andrea Leadsom’s exit from the Conservative party leadership race. It was clear that bookies’ favourite Theresa May’s campaign to frame herself as the candidate for stability in the post-referendum chaos had resonated deeply with markets. Yet while those in the [...]
Libor retrial of ex-Barclays traders set for next February July 12, 2016 Two ex-Barclays bankers were today handed a metaphorical save the date card to head back to court, where they'll face accusations of Libor-rigging. Stylianos Contogoulas, 44, and Ryan Reich, 34, who have been charged with conspiracy to defraud, will be tried at Southwark Crown Court on 13 February 2017. The prosecution alleges that the pair played [...]
Now Tom Hayes’ crowdfunding campaign has broken the £25,000 mark July 10, 2016 A campaign to raise legal fees for former trader Tom Hayes has recently broken the £25,000 mark. At time of writing, the Fundrazr campaign for the former UBS and Citigroup trader had raised £26,705 – or 18 per cent – of its £150,000 target, with a number of four-figure donations coming in over the last week. [...]
Four ex-Barclays bankers sentenced for roles in Libor rate-rigging scandal July 7, 2016 Four ex-Barclays bankers have today been given prison sentences totalling 17 years between them for their roles in the Libor-rigging scandal. Former bankers Jay Merchant, 45, Alex Pabon, 38, and Jonathan Mathew, 35, were sentenced to six and a half years, two years and nine months and four years respectively after having been found guilty of conspiracy to defraud. [...]
Fraud squad calls for retrial for two ex-Barclays traders for Libor-rigging offences July 6, 2016 The fraud squad has today announced it is seeking a retrial for two ex-Barclays traders accused of Libor-rigging offences. Stylianos Contogoulas, 44, and Ryan Reich, 34, have been charged with conspiracy to defraud in relation to manipulating US-dollar linked Libor between June 2005 and September 2007. The pair previously stood trial for the offence, but [...]
The Libor trial could be a turning point for SFO July 5, 2016 The UK's fraud squad has had a rough ride in recent years. Wave after wave of criticism has battered its modest West End headquarters, especially since the botched investigation into property tycoon Vincent Tchenguiz. Just over four years have passed since the Serious Fraud Office (SFO) admitted that there were “no longer reasonable grounds” for pursuing [...]