Fraud watchdog set to prosecute Olympus’ Gyrus September 4, 2013 OLYMPUS, the famous camera-making brand, will be prosecuted by the UK’s Serious Fraud Office (SFO) for a case of wrongdoing linked to the huge accounting scandal that rocked the firm two years ago. The charges relate to Olympus’s British unit, Gyrus, and concern accounts being falsified. Gyrus has been informed of four charges, and Olympus [...]
Trouble at Olympus: SFO brings criminal charges against tech company September 4, 2013 The Serious Fraud Office (SFO) has charged camera and medical equipment company Olympus with offences of "making a statement to an auditor which was misleading, false or deceptive". The alleged offences are said to have taken place between April 2010 and March 2011 and arose from a global fraud case for which Olympus Corporation was [...]
What the other papers say this morning – 03 September 2013 September 2, 2013 FINANCIAL TIMES Dering Capital leads race for TDF Blackstone Group’s former top executive in Asia has emerged as the leading contender to buy the French assets of Europe’s largest telecoms tower operator TDF in a deal worth up to €3.8bn (£3.22bn). Dering Capital, started by Ben Jenkins after he left the US private equity group [...]
First charges brought under UK Bribery Act August 15, 2013 THE UK’S fraud squad has brought its first charges under the Bribery Act since it was introduced in 2011, charging four individuals over an alleged conspiracy to commit a £23m fraud. The Serious Fraud Office (SFO) charged four men connected to Sustainable AgroEnergy with conspiracy to commit fraud by false representation and conspiracy to furnish [...]
ENRC earnings hit by slump in commodities August 14, 2013 PROFITS at under-fire mining group ENRC have slumped in the first half of the year as costs rose and the value of commodities fell. The firm, which is caught up in a takeover offer from its founders as well as a Serious Fraud Office investigation, said revenues fell one per cent to $3.2bn (£2.06m) while [...]
Fraud office vows to clean up its risk rules after data loss scandals August 11, 2013 THE SERIOUS Fraud Office (SFO) yesterday vowed to improve controls after losing thousands of pages of evidence on its BAE Systems investigation and briefly mislaying others in its probe into the Tchenguiz brothers. Last week the crime investigation agency revealed it returned 32,000 pages and 81 audio tapes on the BAE case to the wrong [...]
Fraud squad loses 32,000 pages of probe documents August 8, 2013 THE SERIOUS Fraud Office admitted yesterday that it accidentally sent 32,000 pages of evidence to the wrong person in the wake of its investigation into BAE Systems’ arms deal with Saudi Arabia. The SFO revealed that it took a year for it to realise the mistake, in the latest embarrassment for the fraud-fighting body. Officials [...]
Serious Fraud Office launches investigation into data loss August 8, 2013 The Serious Fraud Office (SFO) has launched an investigation into the loss of a large amount of data relating to an investigation into defence contractor BAE Systems. The data loss occurred when the SFO mistakenly sent 32,000 document pages, 81 audio tapes and electronic media from a probe into BAE to the wrong person. The [...]
Serious Fraud Office accidentally sends data from BAE probe to wrong person August 8, 2013 The Serious Fraud Office has mistakenly sent 32,000 document pages, 81 audio tapes and electronic media from a probe into BAE Systems to the wrong person. Around 98 per cent of the material has been recovered and the SFO said it is attempting to recover the remaining material not already destroyed by the recipient. The [...]
Barclays plans £5bn share sale July 29, 2013 BARCLAYS will today reveal how it plans to plug its capital hole, raising funds from shareholders to reassure regulators it is a strong, stable bank. After weeks of intense negotiations with the City watchdog, chief executive Antony Jenkins is set to unveil a plan that aims to balance investors’ hopes that they will not [...]