SFO Tchenguiz blow December 22, 2011 THE SERIOUS Fraud Office was dealt a blow yesterday after it was forced to hand back documents seized in a dawn raid on Vincent Tchenguiz’s offices earlier this year, part of its probe into the collapse of Kaupthing. The embattled property tycoon yesterday declared the SFO had admitted the decision to issue search warrants “should [...]
Tchenguiz: SFO admits to errors in case December 22, 2011 VINCENT Tchenguiz’s war with the Serious Fraud Office (SFO) may not be over but forcing the watchdog to admit to errors over his controversial arrest represents a major battle won. Vincent Tchenguiz was arrested in March over his exposure to the collapsed Icelandic bank Kaupthing but has always maintained his innocence. The Iranian-born property magnate [...]
TIMELINE: THE TCHENGUIZ CASE December 22, 2011 ● 9 March 2011 Robert and Vincent Tchenguiz are arrested by the SFO in connection with the collapse of Icelandic bank Kaupthing. After questioning they are released without charge. ● ● 15 March Vincent Tchenguiz blames the SFO raid for his property Peverel Group entering administration, after Bank of America Merrill Lynch demands repayment of [...]
SFO boss calls for prosecutions December 4, 2011 Financial institutions and individuals should be subject to criminal prosecution for the kind of “reckless” behaviour that contributed to the financial crisis, the outgoing director of the Serious Fraud Office told the Sunday Telegraph. Richard Alderman said: “What I am thinking of is some kind of offence of being involved with recklessly running or being [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 17, 2011 FINANCIAL TIMES AUCTION OF ICELAND FOODS BESET BY DELAYS The auction of Iceland Foods, the frozen food retailer, is facing unexpected delays, with second-round bids now not expected to be lodged until the new year. Work on second-round bids for Iceland Foods – put on the block in May by its majority Icelandic owners with [...]
Fear of delay over Olympus probe in UK November 16, 2011 BRITAIN faces a legal battle of more than a year if it tries to force Japanese executives of Olympus to go on trial in this country. The Serious Fraud Office (SFO) has opened an investigation into payments made by the camera firm and is working with the FBI and the US government, City A.M. understands. [...]
SFO launches probe into Olympus November 16, 2011 The Serious Fraud Office (SFO) has launched a formal investigation into more than $1bn (£634.3m) of obscure payments and acquisitions made by Japan’s Olympus Corp., a source familiar with the matter said. The source declined to be named, and the SFO did not provide an immediate comment. However, leading lawyers had expected the SFO to [...]
SFO: help us to unmask fraud November 1, 2011 THE SERIOUS Fraud Office (SFO) yesterday unveiled a new service it hopes will “unmask fraud and bribery” in the City. SFO Confidential is an online whistle-blowing tool that allows City workers to anonymously tip off the watchdog to any activity they think may be suspect. The service, which also includes a telephone hotline, promises to [...]
Crisis grows as FBI probe hits Olympus October 24, 2011 JUST when it looked like things could not get any worse for stricken camera-maker Olympus, its shares were rocked again by news the FBI will probe its controversial advisory payments. Its stock tumbled a further 11.5 per cent in trading yesterday to hit ¥1,099 – a 55 per cent fall in the space of just two [...]
Solicitor general: The US lesson on firm punishment October 20, 2011 IS PROSECUTION always the right response to corporate crime? Sometimes it can be a blunt instrument, causing unintentional collateral damage. Companies are not people and cannot be sent to prison: the effect of a prosecution can be felt by innocent employees, pensioners and shareholders as much as by the directors. Arthur Andersen’s collapse in 2002 [...]