Bottom Line: Drugs keep a smile on the market’s face May 28, 2014 WITH the Glaxosmithkline (GSK) share price falling only 1.59 per cent, the market seems pretty sanguine about the announcement of an SFO investigation. That shouldn’t be too surprising. While the SFO has the power to levy unlimited fines in the most extreme cases, with so little detail the gravity of this investigation is not yet [...]
Glaxo facing fraud squad crime probe May 27, 2014 BRITAIN’S biggest drug company Glaxosmithkline said last night that the Serious Fraud Office (SFO) has opened a formal criminal investigation into the company’s commercial practices, amid ongoing accusations of bribery overseas. Glaxo, which makes everything from Aquafresh toothpaste to Horlicks, has faced bribery allegations in China in recent months, and similar accusations of corruption in [...]
Libor trials in jeopardy over legal aid cuts May 1, 2014 BRITAIN’S anti-fraud regime could fall to pieces if more cases collapse from a lack of legal aid funding, insiders at the UK’s enforcement agencies warned yesterday. It comes after a judge at Southwark Crown Court halted a fraud case, worked on by the Prime Minister’s lawyer brother, because the five accused could not find a [...]
Former Barclays traders charged in Libor probe April 28, 2014 THREE more former Barclays traders were yesterday charged by the Serious Fraud Office over their alleged involvement in attempts to manipulate Libor. Jay Vijay Merchant, Alex Julian Pabon and Ryan Michael Reich are accused of conspiracy to defraud and will appear at Westminster Magistrates’ Court in the coming weeks. The staff were all based in the [...]
Three ex-ICAP staff in court to face fraud allegations over Libor April 14, 2014 A TRIO of former workers at interdealer broker ICAP are due in court today over claims they were involved in efforts to manipulate key interest rate benchmark Libor. Daniel Martin Wilkinson, Darrell Paul Read and Colin John Goodman face allegations of conspiracy to defraud. They are scheduled to appear at Westminster Magistrates’ Court at 10am. The Serious Fraud [...]
Tchenguiz brothers plan next step in dispute with fraud office April 8, 2014 THE TCHENGUIZ brothers will on Friday apply to bring in a criminal barrister to explore whether the Serious Fraud Office or Grant Thornton committed a criminal offence, following the disclosure of documents relating to their arrests three years ago. A case management conference has been taking place over the course of this week ahead of [...]
Rolls-Royce to overhaul ethics in face of probe March 5, 2014 AEROSPACE and defence giant Rolls-Royce yesterday outlined a new strengthened ethics policy, as it awaits the outcome of a fraud investigation into allegations of bribery and corruption. In its annual report, the FTSE 100-quoted firm said it had re-launched an ethics hotline available 24 hours a day, where individuals can raise any concerns. It also [...]
Former Barclays traders in court on Libor claims February 26, 2014 THREE ex-Barclays traders appeared in court yesterday after the Serious Fraud Office (SFO) charged them with conspiracy to defraud by entering false Libor submissions. Jonathan James Mathew, 31, Peter Charles Johnson, 59, and Stylianos Contogoulas, 42, confirmed their names and addresses to Westminster Magistrates’ Court. The SFO claims that between 1 June 2005 and 31 August 2007 [...]
UK prosecutors handed power to use plea bargains for corporates February 23, 2014 BRITISH prosecutors will have new powers from today to offer US-style plea bargains to companies accused of corporate crimes, in return for penalties and concessions. Deferred Prosecution Agreements (DPAs) will allow firms to avoid prosecution for crimes including corruption and fraud if they agree to certain conditions. These could includes fines, compensation for any victims, [...]
Former Barclays traders charged in Libor probe February 17, 2014 THREE ex-Barclays traders were charged in relation to the fraud squad’s Libor probe yesterday. The action doubles the number of financiers facing criminal proceedings over the attempts to manipulate the key inter-bank lending rate, after a former UBS banker and two ex-RP Martin brokers were charged last year. It is understood that more ex-bankers and [...]