Fifa faces FBI call after triggering criminal probe November 18, 2014 FOOTBALL’S world governing body Fifa was last night urged to pass its files to the Serious Fraud Office and the FBI after lodging a criminal complaint with Swiss authorities over World Cup bidding. Fifa president Sepp Blatter yesterday asked the Swiss attorney general to investigate “possible misconduct” in relation to the 2018 and 2022 tournaments, [...]
Vince Cable writes to supermarket regulator over Tesco’s fractious relationship with suppliers November 5, 2014 At some point in the past few weeks, Business Secretary Vince Cable wrote to the Groceries Code Adjudicator (GCA) to voice his concerns about the supplier base of troubled supermarket Tesco, according to Sky News. Cable is believed to told the GCA that he supports a comprehensive review of Tesco's relationship with suppliers and whether [...]
From Danish sperm and Ukip voters to banking stress tests and Tesco’s criminal probe: 10 things we learned this week October 31, 2014 There was plenty keeping us busy this week, and not all of it was Halloween related. What were the top 10 things we learned? 1. An inadvertent comment by a Royal Bank of Canada employee cost the firm several million dollars. The bank had been working on the record-breaking Alibaba IPO but voluntarily withdrew [...]
Why did Tesco’s share price barely register the SFO criminal investigation? October 30, 2014 Not only did Tesco's share price hardly move when it was confirmed that the Serious Fraud Office had launched a formal criminal investigation into the supermarket, it actually ended the day higher. It closed 1.4 per cent up at 173.3p per share yesterday, with the SFO announcement registering as a minor blip in what, [...]
Fraud squad to probe Tesco’s accounting hole October 29, 2014 THE SERIOUS Fraud Office (SFO) announced yesterday that it would take over from the Financial Conduct Authority in investigating a £263m hole in troubled Tesco’s accounts. The retail giant previously said the profits had been overstated due to erroneous timings in accounting for supplier rebates. It is the latest major case to land on the SFO’s plate, [...]
Tesco share price rises as it confirms Serious Fraud Office has launched a criminal investigation October 29, 2014 The Serious Fraud Office has launched a formal criminal investigation into accounting errors at Tesco which led to a £263m profit black hole. Despite that, shares rose 2.6 per cent in mid-afternoon trading. The SFO had previously said it was “following developments at Tesco with interest” after the supermarket’s profit overstatement was first revealed in [...]
Serious Fraud Office asks for £26.5m more to fund “blockbuster” financial probes October 23, 2014 The City fraud squad yesterday asked for a 75 per cent increase in funding next year to help it pursue a range of financial probes, including its investigation into alleged Libor rigging. The Serious Fraud Office (SFO) has asked Treasury ministers for an extra £26.5m next year, on top of its annual budget of £35.2m [...]
City banker pleads guilty to Libor fraud in first rate manipulation investigation UK conviction October 7, 2014 A senior banker at a British bank has pleaded guilty to charges in relation to the rigging of the Libor interbank lending rate. The unnamed banker, who is currently on bail, pleaded guilty to one count of conspiracy to defraud as part of the Serious Fraud Office's (SFO) investigation into alleged Libor rate manipulation. A [...]
Libor accused to wait until 2016 for fraud squad’s trial to begin July 21, 2014 THE SIX bankers accused of attempting to fiddle interest rate benchmark Libor will not know their fates for at least another two years, after a court hearing yesterday. The scandal broke more than two years ago when Barclays was fined over claims its staff tried to manipulate the rate. And six of its workers have been [...]
Fraud squad launches criminal probe into the UK’s foreign exchange market July 21, 2014 The Serious Fraud Office (SFO) has opened a full-blown criminal investigation into alleged price rigging in the UK's £3tn-a-day foreign exchange (forex) market, the regulator confirmed today. The probe will look at "fraudulent conduct in the foreign exchange market", according to an SFO statement. The claims centre around allegations that traders would manipulate the flow [...]