Tchenguiz win leaves fraud squad with £3m headache November 15, 2012 THE UK’S beleaguered fraud squad yesterday paid the price for its botched raid on the offices of property magnates Robert and Vincent Tchenguiz after a High Court judge ordered it to cover the costs of a judicial review. The figure that the Serious Fraud Office (SFO) is on the hook for is understood to be [...]
What the other papers say this morning November 14, 2012 FINANCIAL TIMES Government to delay welfare reform The government is prepared to delay its flagship welfare reform amid fears the complex changes may need to be more thoroughly tested before being extended to all benefit claimants. Universal credit, under which six benefits will be incorporated into a single payment, lies at the heart of a [...]
What the other papers say this morning November 12, 2012 FINANCIAL TIMES KKR launches funds for individuals KKR – the private equity group immortalised as the Barbarian at the Gate – is launching two investment funds to be distributed to individuals by Charles Schwab, the US brokerage. It is the latest sign of the pressure on private equity firms to become more like traditional asset [...]
Tchenguiz SFO claims may rise after blunders November 4, 2012 THE SERIOUS Fraud Office (SFO) could face costs of hundreds of millions of pounds if lawsuits from Robert and Vincent Tchenguiz are successful, following the SFO’s botched investigation into the brothers stemming from the collapse of Icelandic bank Kaupthing in 2008. Vincent Tchenguiz had previously indicated he would look to sue the SFO for £100m. [...]
Auditor calls payments to SFO ex-chief irregular November 1, 2012 THE SERIOUS Fraud Office (SFO) made several “irregular” payments to outgoing chief executive Phillippa Williamson, according to the results of an audit into the events surrounding her April departure from the financial crime watchdog. Investigators deemed £422,000 worth of payments benefiting Williamson to be “irregular”, due to a lack of legally required approval from the [...]
Finance crimes to be offered plea bargains October 23, 2012 CORPORATE criminals could soon be offered US-style plea bargains, under a new scheme by the Ministry of Justice to encourage companies to admit wrongdoing and avoid fraud charges. Instead of facing an automatic prosecution, firms will be given the opportunity to publically own up to economic crimes, and given a strict set of conditions with [...]
SFO drops probe into Tchenguiz and Iceland’s Kaupthing October 15, 2012 THE SERIOUS Fraud Office (SFO) last night abandoned its three-year investigation into Robert Tchenguiz and collapsed Icelandic bank Kaupthing, after admitting there was “insufficient evidence” to proceed. The SFO’s decision to end the multi-million pound probe is highly embarrassing and could result in the investigator facing substantial claims for damages. In a statement Robert Tchenguiz said: “I recognise [...]
Fraud squad plans tougher reporting rules October 9, 2012 FIRMS that admit internal bribery failings to the UK’s anti-fraud regulator are now more likely to face criminal prosecutions, under tough new rules issued by the Serious Fraud Office (SFO) yesterday. In an update to its guidance on last year’s Bribery Act, the SFO said: “The revised policies make it clear that there will be [...]
UK’s fraud squad reviews its guidance on new bribery rules September 30, 2012 COMPLIANCE staff have been left scratching their heads after the Serious Fraud Office (SFO) quietly withdrew guidance on commercial bribery laws. The SFO website no longer gives firms advice on facilitation payments, gifts and hospitality, telling visitors instead that the guidance is “currently under revision”. A spokesperson for the office yesterday confirmed that the guidance [...]
Interest in Tchenguiz property portfolio reaches a crescendo September 23, 2012 INSURANCE firms are leading the charge for property magnate Vincent Tchenguiz’s £3bn property portfolio after a pick up in demand for the assets. MetLife, AIG and Prudential are all understood to be in the running for the portfolio, which is being sold off by the Tchenguiz Family Trust. Citigroup has been appointed to handle the [...]