Two arrested in Rolls-Royce bribery probe February 12, 2014 TWO MEN were arrested yesterday after the Serious Fraud Office co-ordinated raids across London as part of its investigation into Rolls-Royce. The fraud squad, which opened a criminal probe into claims of bribery and corruption at Rolls-Royce in December, confirmed the property searches and the arrests. The National Crime agency and the City of London [...]
HP audit finds profit shortfall at Autonomy February 3, 2014 BRITISH software firm Autonomy allegedly inflated its revenue and profit by as much as 81 per cent before Hewlett-Packard (HP) bought it for $11bn (£6.74bn) in 2011, according to UK accounts filed by HP on Friday. Autonomy, currently at the centre of fraud investigations by the Serious Fraud Office (SFO) and the US Department of [...]
SFO pleads for extra funding January 30, 2014 THE SERIOUS Fraud Office (SFO) has made an urgent plea for £19m of extra funding from the Treasury. In a written ministerial statement the solicitor general Oliver Heald explained that the SFO has asked for emergency contingency funding to “meet an urgent cash requirement on existing services.” A cash advance of £11m on the £19m [...]
Stock drops on Serco warning over earnings January 30, 2014 TROUBLED outsourcing firm Serco yesterday warned that profits would fall in 2014, overshadowing the good news that its ban on winning new government work had been lifted. The FTSE 100-quoted company was barred from winning fresh government contracts due to allegations of fraud, but yesterday the Cabinet Office said that the firm “had developed a [...]
What the other papers say this morning – 20 January 2014 January 20, 2014 FINANCIAL TIMES David Cameron faces EU isolation David Cameron risks “damaging Europe” with his anti-immigration stance, according to some of Britain’s allies, leaving the prime minister looking isolated in his attempts to restrict free movement in the EU. Ministers and officials from several EU powers told the Financial Times they would resist Mr Cameron’s attempts [...]
Serco awarded extension to run Boris Bikes January 9, 2014 SERCO, the beleaguered outsourcing firm under investigation by the Serious Fraud Office (SFO), yesterday said it has won a £38m two-year contract extension with Transport for London (TfL) to manage and operate the Barclays Cycle Hire Scheme. The original contract to design, build and operate the service – commonly known as Boris Bikes, named after [...]
G4S in second Serious Fraud Office probe December 19, 2013 CONTRACTOR G4S will be referred to the Serious Fraud Office (SFO) for a second time after a Ministry of Justice (MoJ) audit found problems with two further contracts for facilities management in British courts. The issues surround the invoicing, delivery and performance of these contracts and G4S has been asked to implement a corporate renewal [...]
Serco to repay government £68.5m for tagging scandal December 19, 2013 Serco has agreed to repay the government £68.5m for overcharging for its tagging of criminals, Justice secretary Chris Grayling has confirmed. Both Serco and rival G4S have been found to have overcharged on contracts dating back to 2005, in a review prompted by allegations surrounding the two firms. The Serious Fraud Office (SFO) opened a [...]
Libor trio plead not guilty to trying to manipulate the rate December 17, 2013 THE FIRST three men to face trial in connection with a global investigation into Libor-rigging pleaded not guilty at Southwark Crown Court yesterday. Tom Hayes, a former UBS and Citigroup trader, has been charged with eight counts of conspiring with staff from at least 10 major banks and brokerages to manipulate the London Interbank Offered [...]
Capita wins tag contracts from G4S and Serco December 12, 2013 OUTSOURCING firm Capita has been chosen to take over the prisoner tagging contracts currently held by G4S and Serco, the Ministry of Justice (MoJ) said yesterday. G4S and Serco are under investigation by the Serious Fraud Office (SFO) in relation to the contracts, on allegations that they charged for tagging criminals who were either dead, [...]