Serious Fraud Office sees costs rise and conviction rates drop July 17, 2013 THE SERIOUS Fraud Office (SFO) yesterday admitted that its costs have risen even as the number of successful prosecutions continues to fall. The troubled watchdog’s annual report shows it brought 12 cases involving 20 defendants to trial during 2012-13, with a conviction rate of 70 per cent. This is down on the 19 cases the SFO brought to [...]
MPs slam fraud squad over pay and expenses July 16, 2013 BRITAIN’S fraud-fighting agency was run in a manner that showed disregard for taxpayers’ money, damaging staff morale and undermining its standing, according to a report released today by MPs. The public accounts committee criticises Richard Alderman, the former director of the Serious Fraud Office (SFO), for his 2008 decision to hire Phillippa Williamson as chief [...]
SFO faces £200m Tchenguiz claim February 6, 2013 VINCENT Tchenguiz yesterday released details of his claim for over £200m of damages against the Serious Fraud Office (SFO) over its botched investigation into him. The court filing, which relates to a high profile raid on Tchenguiz and his brother Robert in 2011 over their dealings with failed Icelandic bank Kaupthing, accuses the SFO of [...]
Mayfair property tycoon found guilty of massive loans fraud January 16, 2013 TWO men who posed as wealthy Mayfair property buyers to secure almost £800m in loans have been found guilty of conspiracy to defraud, in a long-awaited successful prosecution for the Serious Fraud Office (SFO). Achilleas Michaelis Kallakis and his associate Alexander Martin Williams used fake guarantees claiming to be from Hong Kong property firm SHKP [...]
BAE’s monitor hired for review at Rolls-Royce January 10, 2013 ROLLS-ROYCE has hired a former Herbert Smith senior partner who monitors compliance at BAE Systems to conduct a review of its own compliance procedures after claims of bribery and corruption overseas. Lord Gold of Westcliff-on-Sea, who spent 38 years as a solicitor at the law firm including five years as senior partner, will look into [...]
Rolls-Royce is hit by claims of bribery in China engine deals January 7, 2013 ROLLS-ROYCE has been accused of bribing two airlines in China, as more details emerge about a corruption investigation centred on the FTSE 100 firm’s overseas arms. The engineering giant said in December that it had handed information to the Serious Fraud Office (SFO), after an internal probe uncovered “matters of concern” in Indonesia and China. [...]
Three men arrested in Libor probe December 11, 2012 THE UK fraud office yesterday stepped up the global investigation into the Libor fixing scandal by arresting three City bankers in connection with the probe. The men, aged 33, 41 and 47, were detained by the City of London police on the orders of the Serious Fraud Office in an early morning raid on three [...]
Rolls-Royce looked at claims over payment in Indonesia December 9, 2012 THE SERIOUS Fraud Office (SFO) is examining claims that engineering group Rolls-Royce paid millions of pounds to the son of the former leader of Indonesia. Rolls-Royce shares tumbled on Thursday after it revealed that it had handed information to the SFO about claims of malpractice in Indonesia and China. It is understood that Rolls-Royce uncovered [...]
Rolls-Royce hit by allegations of corruption December 6, 2012 ROLLS-ROYCE could face prosecution after handing over details of possible bribery and corruption in its overseas operations. The firm said it had given the Serious Fraud Office (SFO) information about allegations of malpractice in Indonesia and China, and has identified “matters of concern” in these and other countries. The allegations, which have not been revealed, [...]
Rolls-Royce in corruption talks with SFO December 6, 2012 British engineering stalwart Rolls-Royce today admitted that it is in discussions with the Serious Fraud Office over concerns that the firm may have been involved in bribery and corruption. The SFO requested information relating to the company’s dealings in Indonesia and China. The Rolls-Royce is co-operating with the probe. “The consequence of these disclosures will [...]