What the other papers say this morning December 4, 2012 FINANCIAL TIMES Intersnack hungry for KP Snacks The British maker of Hula Hoops crisps, KP nuts and Mini Cheddars is about to be sold to German snacks maker Intersnack, paving the way for a possible disposal of the rest of United Biscuits’ brands, including McVitie’s Jaffa cakes next year. Intersnack, the owner of Pom-Bear crisps [...]
Tchenguiz brothers to sue fraud squad for £200m in damages December 3, 2012 The Tchenguiz brothers Vincent and Robert yesterday filed a claim against the director of the Serious Fraud Office for more than £200m over the agency’s botched pursuit of the property tycoons last year. The case, which relates to a high profile raid on the brothers over their dealings with failed Icelandic bank Kaupthing, is the [...]
Tchenguiz launches hearing against Serious Fraud Office December 2, 2012 PROPERTY magnates Robert and Vincent Tchenguiz will this morning launch their case against the Serious Fraud Office (SFO) for millions of pounds worth of damages following its investigation into the collapse of Icelandic bank Kaupthing. The hearing at the High Court will kick off a 12-month process that is likely to mount political pressure on [...]
The HP Autonomy allegations reveal US-UK differences November 22, 2012 ANOTHER US-UK economic conflict is brewing, following HP’s revelation that it has taken an $8.8bn (£5.5bn) write-down. It comes after the claim that it had discovered “serious accounting improprieties” at Autonomy, the British software company. Autonomy completely denies the allegations, of course. But like Standard Chartered’s run-in with the New York regulator over Iranian sanctions, [...]
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 [...]