WHAT THE OTHER PAPERS SAY THIS MORNING July 8, 2012 FINANCIAL TIMES Call for French business boost French business urgently requires shock treatment to cut labour costs and boost its flagging ability to compete on international markets, top economists and business leaders have warned Francois Hollande. ArcelorMittal refuses to rule out EU steel closures as demand falls ArcelorMittal has refused to rule out further site [...]
Serious Fraud Office reopening probe into Weavering Capital July 8, 2012 THE Serious Fraud Office (SFO) has reopened its criminal investigation into the collapse of Weavering Capital in 2009 – 10 months after dropping the original probe. New director David Green called for the U-turn after a high court judge found Weavering Capital’s founder Magnus Peterson liable for deceit and breach of his fiduciary duties in [...]
SFO launches Libor investigation July 6, 2012 The Serious Fraud Office (SFO) has said that it has put in motion an investigation into the rigging of the Libor rate. An SFO spokesperson confirmed that a case team had been formed to probe the manipulation of the inter-bank lending rate. A statement said: “The SFO Director David Green QC has today decided formally [...]
A leading barrister considers the case for prosecutions July 3, 2012 IN 2011, the Serious Fraud Office (SFO) decided not to investigate allegations concerning Libor manipulation. At that stage, one reason was that it did not have the necessary resources to take on such an investigation. Although the FSA has conducted its own investigation, the results of which will have been passed to the SFO, the [...]
BANKS GO UNDER THE MICROSCOPE July 2, 2012 DAVID Cameron yesterday announced two wide-ranging inquiries into the banking system, pledging to probe the “culture and standards of the industry and bring those responsible for fixing the Libor interest rate to justice”. “The British people want to see bankers who acted improperly punished,” Cameron told the House of Commons. The news came soon after [...]
SFO backed out of rates probe July 1, 2012 INVESTIGATORS at the Serious Fraud Office (SFO) considered launching an investigation into abuse of the Libor interest last September but decided against it due to a lack of funds, it was claimed yesterday. Former SFO director Richard Alderman took the decision, allegedly citing overstretched resources at the anti-fraud agency. This left the Financial Services Authority [...]
Legal cost over Libor could run into the billions June 28, 2012 BARCLAYS could face legal claims running into billions of pounds after it admitted trying to rig the Libor rate, analysts have warned. The bank, which will pay £290m in fines to regulators in Britain and the US, is expected to face legal action around the world and still faces punishments from authorities in other jurisdictions, [...]
Niall Ferguson warns on London’s possible fall June 27, 2012 The historian who wrote a book entitled The Ascent of Money yesterday warned that London faces a fairly rapid descent from its platform as the world’s leading financial centre unless it quickly improves its infrastructure. Niall Ferguson, the well-known history professor at Harvard University, said that infrastructure improvements, such as public transport, and in particular [...]
Four banks win judicial review of SFO’s order June 20, 2012 THE SERIOUS Fraud Office suffered a fresh knock yesterday as four banks won a court case blocking its attempts to seize documents linked to a derivatives probe in Italy. JP Morgan, Deutsche Bank, UBS and Depfa Bank won a judicial review against the SFO and the home secretary, quashing the watchdog’s request for papers that [...]
SFO drops investigation into Vincent Tchenguiz June 18, 2012 THE SERIOUS Fraud Office (SFO) was yesterday forced into an embarrassing climbdown after dropping a high-profile fraud investigation into flamboyant property tycoon Vincent Tchenguiz. The regulator’s decision to admit that there are “no longer reasonable grounds” to consider Tchenguiz a suspect could leave it with a substantial bill for damages to his business interests. He [...]