Serco shares plummet as contractor faces lower profits in wake of government investigation November 14, 2013 Serco has warned that profits for 2013 may be lower than expected and earnings for 2014 will be lower than 2013. The company has suffered a sharp fall in its share price of over 10 per cent this morning. Serco's problems have been magnified due to an investigation launched by the Serious Fraud Office (SFO) [...]
Fraud Office ordered to disclose files in botched Tchenguiz case November 12, 2013 THE SERIOUS Fraud Office (SFO) was yesterday ordered by a High Court judge to disclose an additional 85,000 documents relating to a collapsed investigation. The documents relate to the SFO’s investigation into property entrepreneur Vincent Tchenguiz. The SFO arrested him and seized documents in an investigation into failed Icelandic bank Kaupthing – in a series of [...]
G4S to face more competition declares Francis Maude November 7, 2013 In a speech to analysts on Thursday, Cabinet Office minister Francis Maude has said that G4S and Serco will face increasing competition from domestic and international companies. Francis, speaking this afternoon said: There will be new entrants coming into that market, both international players but also new entities coming into existence and suppliers who currently [...]
Fraud squad launches criminal probe into G4S and Serco billing November 5, 2013 THE UK’s fraud squad yesterday said it has opened a criminal investigation into G4S and Serco, which experts say could leave individuals facing prison sentences of up to 10 years if convicted. The Serious Fraud Office’s (SFO) probe centres around the electronic prisoner-monitoring contracts awarded to the two FTSE 100 outsourcing firms by the government, [...]
G4S to cut jobs but says it will cooperate with fraud squad November 5, 2013 G4S has reported a 6.4 per cent growth in revenues over the nine months to 30 September – excluding the Olympics contract that went pear-shaped. It also said it will cooperate in a Serious Fraud Office (SFO) investigation. Shares have opened down on the news. (Release) The security company's chief executive has subsequently said this [...]
Fraud squad launches criminal probe into G4S and Serco billing November 4, 2013 THE UK’s fraud squad yesterday said it has opened a criminal investigation into G4S and Serco, which experts say could leave individuals facing prison sentences of up to 10 years if convicted. The Serious Fraud Office’s (SFO) probe centres around the electronic prisoner-monitoring contracts awarded to the two FTSE 100 outsourcing firms by the government, [...]
G4S will co-operate with tagging services investigation November 4, 2013 Private security company G4S has announced its intention to "co-operate fully" with a Serious Fraud Office (SFO) investigation. In July, justice secretary Chris Grayling said that G4S had overcharged on two government contracts – including charging for tagging people who were already behind bars or deceased. Grayling said that the extent of that overcharging ran [...]
Three men to appear in court in Libor case October 21, 2013 FORMER UBS and Citigroup trader Tom Hayes will appear at Southwark Crown Court today to answer charges related to the Libor-rigging scandal. Tom Hayes is expected to enter a plea for eight counts of conspiracy to defraud at Southwark Crown Court, and will appear along with Terry Farr and James Gilmour from RP Martin, who [...]
Wall Street Journal gagged over UK Libor names October 18, 2013 The Wall Street Journal's (WSJ) European banking editor David Enrich has been ordered by the UK's Serious Fraud Office (SFO) to refrain from publishing the names of people the government plans to implicate in a criminal fraud case alleging Libor fixing. The court order means that Mr Enrich cannot publish "any names in the indictments [...]
Serious Fraud Office calls for change in law October 7, 2013 THE SERIOUS Fraud Office (SFO) said yesterday the law must be changed if critics want to see more companies in court for misconduct. Serious Fraud Office director David Green said he was constantly being compared unfavourably with US enforcement agencies, which prosecute far more companies for fraud. The SFO faces a much higher burden of [...]