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 [...]
Robert Tchenguiz released from bail but investigation continues September 16, 2012 PROPERTY tycoon Robert Tchenguiz has been released from bail by the Serious Fraud Office (SFO), it emerged yesterday. The SFO denied suggestions that this signalled the beginning of the end of its investigation into his role in the 2008 collapse of the Icelandic Kaupthing bank. “The bail was due for renewal later this month. However [...]
Barclays faces SFO probe over Qatar payments August 29, 2012 THE SERIOUS Fraud Office (SFO) is investigating payments between Qatar and Barclays, the bank confirmed yesterday. Barclays said it is complying with the fraud squad’s probe, which is in its early stages. The SFO investigation is separate to the Financial Services Authority’s (FSA) inquiry that began in July, which relates to fees paid to the [...]
Guilty ten times over August 22, 2012 ■ Ex-Polly Peck chief stole £28.9m ■ Sentence to be given this morning ■ Creditors seek £374m in assets ■ Triumph for the Serious Fraud Office ■ Wife vows he will appeal verdict FORMER fugitive tycoon Asil Nadir was yesterday convicted of plundering £28.9m from his former company Polly Peck International in a complex financial [...]
Forget Nadir – the SFO does not have the resources to fight fraud August 21, 2012 ALTHOUGH the jury is still out on nine of the charges in the Asil Nadir case, the Serious Fraud Office’s (SFO) successful conviction of Nadir on three charges is a nice win following a two-decade long pursuit of the tycoon. Sadly, this success is not indicative of the SFO’s recent experience. The Nadir case needs [...]
Polly peck thief Nadir faces jail August 20, 2012 POLLY Peck International founder Asil Nadir, one of the London stock market stars of the 1980s, was yesterday found guilty of three counts of theft totaling £5.5m from the former FTSE 100-listed global conglomerate. Turkish-Cypriot born Nadir, who left the UK for northern Cyprus in 1993 and returned in August 2010 to face the charges, [...]
Stansted considered a prize asset now it is finally being sold August 20, 2012 THERE are more than a handful of less than busy investment bankers celebrating the decision yesterday by Spanish group Ferrovial that it will sell Stansted Airport. The group is finally doing so after three years of wrangling with the competition authorities. The Spaniards have been trying long and hard to avoid a sale, even threatening [...]