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 [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 9, 2011 FINANCIAL TIMES WATCHDOG HITS FRENCH AUDITORS French auditors have been lambasted by the UK’s leading accountancy regulator for their performance during the Greek debt crisis. Stephen Haddrill, chief executive of the Financial Reporting Council, criticised the way French banks and insurers had been allowed by their auditors to post smaller losses on Greek government bonds [...]
Tycoon ends £1.5bn case against bank September 19, 2011 VINCENT Tchenguiz has settled his £1.5bn lawsuit against collapsed Icelandic bank Kaupthing in a confidential deal he branded “mutually acceptable”. It is understood the property tycoon will regain control of assets put forward as securities for a series of loans, which had been effectively frozen by the bank’s administrators. He is now likely to press [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 13, 2011 FINANCIAL TIMES MICROSOFT OPENS WINDOWS TO TOUCHSCREEN Microsoft has laid out a wide-ranging plan to overhaul its Windows software platform, marking an attempt to stem the erosion of its core PC software business amid the rise of touchscreen computing popularised by Apple. Along with the first full touchscreen version of Windows, the world’s biggest software [...]
Anger as SFO drops its probe into hedge fund September 8, 2011 INVESTORS and liquidators have reacted with shock after the Serious Fraud Office dropped a two-and-a-half-year probe into a hedge fund that collapsed with $639m (£399.86m) under management. The SFO said there was “not a reasonable prospect of conviction” after studying evidence on London-based Weavering Capital (UK), which went into administration in 2009. The move comes [...]
SFO considering banks probe September 5, 2011 The Serious Fraud Office is looking into the allegations against UK institutions made by the US Federal Housing Finance Agency (FHFA). It said it has not decided whether to launch its own formal investigation but will keep abreast of developments in the US. The FHFA is suing 17 banks and financial institutions over alleged misrepresentation [...]
Macmillan hit with £11m fraud fine July 22, 2011 Publishing group Macmillan has been fined more than £11m by the Serious Fraud Office after admitting trying to bribe World Bank officials to win a contract in Sudan. The SFO imposed the £11.3m fine under the 2002 Proceeds of Crime Act, saying MacMillan’s educational division in the region had won tenders by paying bribes and [...]